11 June 2007

Freshfields advises Permira on securing stakes in Valentino and launch of tender offer for Hugo Boss

Freshfields Bruckhaus Deringer is advising international private equity firm Permira on the debt and equity financing of certain agreements by Permira Funds to secure a majority stake in Valentino Fashion Group SpA. Permira's offer values Valentino at €2.6bn.

In May Permira Funds acquired 29.6 per cent of Valentino from International Capital Growth S.a.r.l. (ICG), an investment company owned by some members of the Marzotto family. Permira Funds have now acquired a further stake from other members of the Marzotto family, equal to 10.8 per cent and have agreed to underwrite an exchangeable bond on a further 12.4 per cent, due from 1 December.

On the back of these agreements, Permira Funds will also make an offer for the MDAX-listed fashion house Hugo Boss, based in Metzingen, Germany. Valentino is majority shareholder in the German fashion business, with approximately 79 per cent of the ordinary shares and 22 per cent of preference shares, giving it in total 50.9 per cent of the stock. Hugo Boss accounted for three-quarters of Valentino's overall turnover in 2006. Freshfields Bruckhaus Deringer is also advising Permira on the German corporate law aspects of the transaction.

The Freshfields team included partners Brian Gray (finance, London), Ian Frost (finance, Frankfurt), Stefano Sennhauser (finance Milan), Laurie McFadden, Edward Braham (both corporate, London), Andreas von Werder, Heiner Braun and Nikolaus Reinhuber (all corporate, Frankfurt) and Hans Galavazi (tax, Amsterdam). Associates included Dot Pawlukowski (finance, London), Sheena Singla, Patrick Ko (both corporate, London), Arend von Riegen, Hester Huisman (both corporate, Frankfurt) and Pietro Scarfone (finance, Milan).

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