Permira to take 40% of K-Way, valuing it at 505 mln euros

Basic Net SpA

25/10/2024 17:35

MILAN, Oct 25 - Private equity firm Permira has agreed
with BasicNet  BCNT.MI  to buy a stake of around 40% in K-Way,
valuing the entire company at 505 million euros ($545.80
million), the Italian outerwear and sportswear group said on
Friday.
    Founded in 1965 in Paris, K-Way is the creator of the
category-defining, packable waterproof jacket, the "Claude",
with its distinctive colourful zip and logo inspired by the
French national flag.
    The cash payable to K-Way owner BasicNet on the date of
completion of the transaction should be between roughly 180 and
190 million euros, of which 65 million in the form of a 'vendor
loan', the company said in a statement. 
    After the closing, expected in the first quarter of 2025,
BasicNet will retain around a 60% stake in K-Way. 
    In 2023 the company posted earnings before interest, tax,
depreciation and amortisation (EBITDA) of 44.7 million euros. 
    Mediobanca acted as exclusive financial adviser for
BasicNet. 
($1 = 0.9252 euros)

 (Reporting by Gianluca Semeraro; editing by Gavin Jones)
 ((gianluca.semeraro@tr.com; +39 06 80 307 741;
))