Paneuropean private equiity operator BC Partners and its coinvestors in Italian retailer Gruppo Coin, Investindustrial and Ontario Teachers Pension Plan, are planning to take out value from OVS brand, MF-Milano FInanza writes today. The project, which is at its first step and has not been examined by the company’s board yet, consists in a spin off of OVS chain and its listing at the Italian Stock Exchange in 12-18 months.
BC Partners and its coinvestors pumped in more than 50 million euros in a capital increase last year, after ebitda dropped well below the target. The new equity was intended to allow the group to keep on investing in new shops openings.
Thanks to a new strategy deployed by ceo Stefano Beraldo, OVS represents now the biggest stake in Gruppo Coin’s business value: in year 2012-2013 (ending 31st January 2013) OVS revenues were 973.1 million euros out of 1.465 billions of the whole group, with a 136 millions ebitda out of 150 millions.
A spin off of OVS and its listing would allow Gruppo Coin to raise money for cutting part of its 984 million euros financial debt which was originated three years ago in order to support Coin’s takeoverby the funds and delisting from the Italian Stock Exchange. Banks who financed Coin’s Lbo were Banca Imi, Ubs, Unicredit, BnpParibas, Crédit Agricole, Hsbc, Mediobanca and Natixis.
