Three private equity funds are in advanced stages of acquiring control of Twinset, a fashion company currently owned by the American financial group Carlyle. Carlyle, with the support of financial advisor Rothschild, is evaluating several options to enhance the company's value, thanks also to the interest of three potential buyers who, according to rumors, have made preliminary offers over the summer, estimating the company between 300 and 350 million euros.
Calcio e Finanza cite Il Sole 24 Ore and explain that among the interested parties are Asian financial investors and the American group Elliott, known for its investments in Italy, including AC Milan, which was sold in the summer of 2022 to Gerry Cardinale's RedBird, and in telecommunications with Tim.
This is not the first time Carlyle has attempted to sell control of Twinset. In January 2020, it had already tasked JP Morgan with finding an investor, but the operation was halted due to the pandemic.
Carlyle, which entered Twinset's capital in 2012, resumed the value-enhancement process earlier this year, following the company's recent strong performance.
Under the guidance of CEO Alessandro Varisco, Twinset surpassed 200 million euros in revenue in the last fiscal year, returning to pre-pandemic levels, with EBITDA exceeding 30 million euros in 2023. Carlyle has held 100% of Twinset since 2017, when it bought the remaining 10% of shares from founder and designer Simona Barbieri, who has permanently left the company.
In the past, the company had attracted interest from the Chinese group Fosun, and before the pandemic, other options were considered, such as a stock market listing or a merger with other industry players, including the Pinko group. However, none of these scenarios ever materialized.
Source: Calcio é Finanza
