Jun 20, 2014
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Carlyle sells 7 percent Moncler stake for 215 mln euros

Jun 20, 2014

MILAN, Italy - Carlyle has sold its entire 7.13 percent stake in Moncler for 215 million euros ($293 million), the asset manager said on Friday, six months after the Italian luxury down jacket maker listed on the Milan bourse.

Carlyle, which held its Moncler holding through CEP III Participations, sold the shares at 12.04 euros each, a 0.5 percent discount compared with the stock's closing price on Thursday.

Shares in Moncler debuted on the stock market at a price of 10.2 euros each. They have gained more than 17 percent since then, only slightly less than the rise recorded by Italy's blue-chip FTSE MIB stock index over the same period.

A 180-day lock-up period, during which shareholders CEP III, Brands Partners and a vehicle owned by French investment firm Eurazeo could not sell their residual holdings in Moncler, ended this week.

CEP III said that the Eurazeo vehicle, which owns 23.3 percent of Moncler, had agreed to a further lock-up period of 90 days.

By 0753 GMT shares in Moncler were down 1 percent at 11.97 euros each, against a 0.55 percent fall in the FTSE MIB index.

CEP III sold the stake through an accelerated bookbuilding procedure with UBS acting as sole bookrunner and Rothschild as adviser.

$1 = 0.7336 Euros

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