PAI Partners Hires Four Banks for Marcolin LBO Loans
(Corrects name of buyout firm in sixth paragraph)
PAI Partners hired four banks to provide financing to back its buyout of Italian eye-wear company Marcolin SpA. (MCL)
Banca IMI SpA, UniCredit SpA (UCG), Natixis and IKB Deutsche Industriebank AG (IKB) will back PAI’s acquisition of a 78.4 percent stake in the Longarone, Italy-based business, according to a joint statement today.
The senior loans total about 130 million euros ($168 million) to 140 million euros including undrawn credit lines, according to a person with knowledge of the matter, who asked not to be identified because the financing is private.
The acquisition debt is 3 to 4 times Marcolin’s earnings before interest, tax, depreciation and amortization, said the person.
Marcolin, which produces glasses and sunglasses for brands including Diesel, Tom Ford and Timberland, reported 224.1 million euros in sales and 34.2 million euros in earnings before interest, tax, depreciation and amortization in 2011, up 9 percent and 14 percent respectively from 2010.
PAI Partners agreed to pay 4.25 euros per share in a 207 million-euro deal with Marcolin’s shareholders, which include the Marcolin family and Diego and Andrea Della Valle. A mandatory public tender offer for the remaining shares will begin after completion of the stake sale, according to the statement.
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