(Finance) – BasicNeta company listed on Euronext Milan and active in the clothing, footwear and accessories sector for sport and leisure, and Permira, a global private equity fund, have signed a agreement for Permira’s entry into the capital of K-Waycurrently wholly owned by BasicNet. The operation envisages that BasicNet will maintain a stake of approximately 60% in K-Way and Permira – through its Permira Growth Opportunities II fund – will acquire approximately 40%.
K-Way, born in Paris in 1965, has established itself as the rainwear brand par excellence. In 2023, the company achieved a consolidated turnover (for direct sales, royalties and sourcing commissions) of 147.7 million euros and an EBITDA of 44.7 million euros. As part of the transaction, K-Way is valued at one enterprise valueinclusive of IFRS 16, equal to 505 million euros.
Without prejudice to the standard adjustments based on the final calculation of the net financial position and net working capital at closing, the amount collected at the date of completion of the transaction will be approximately included between 180 and 190 million of euros. As part of the operation, BasicNet will guarantee the KWay Group a vendor loan of 65 million.
“I consider this important moment like only two others they were before in the history of BasicNet: the acquisition of Maglificio Calzificio Torinese in 1994 and the listing on the stock exchange in 1999 – he commented Marco BoglionePresident and Founder of BasicNet – We strongly wanted this strategic operation and we welcome Permira, one of the most prestigious and specialized investors in the world in our sector”.
The Permira Consumer Team ha invested over 15 billion euros, collaborating with more than 40 companies globally, including some of the most iconic brands in the world. The most relevant investments of Permira funds in the sector include Golden Goose, Reformation, Gruppo Florence, Hugo BossValentino, La Piadineria, Dr. Martens and BestSecret.
“We are happy to be able to work alongside the Boglione family and the K-Way team – he said Sebastien FlochPrincipal and responsible for France of Permira – We have followed the company for a long period, and we are convinced that K-Way perfectly reflects the characteristics that Permira seeks as part of its consumer investment strategy: an iconic brand and product , a strong history combined with a recognizable DNA, a transversal consumer audience and a distinctive positioning. We look forward to supporting K-Way’s success story and global expansion with our expertise and resources.”
The entire BasicNet, which owns several international brands including Kappa, Robe di Kappa, Jesus Jeans, Superga, Sabelt, Briko and Sebago, capitalizes 206.8 million euros.
(Photo: © Tommaso Gasperini/Massimo Sestini)