Firms to lead on Versace 20% stake sale
28th February 2014
Major fashion house Versace is looking to sell a 20 percent stake in its business to the US private equity firm Blackstone. The major deal will see London-based practice Simpson Thacher & Bartlett and the major Italian law firm Chiomenti Studio Legale take the bulk of the work in the €210 million deal.
Blackstone have taken on the London legal recruitment of Simpson Thacher, as they are a longstanding client of the firm.
The deal will involve Blackstone putting in €150 million of new capital into the Versace company and will see them receive €60 million in stock from GIVI Holding. Versace will look to use the investment to fund new stores, as well as developing its brand portfolio, product offering and e-commerce business, according to this article.
London corporate partner Mike Wolfson is to head up a Simpson Thacher team on the deal, having led a team in October of last year on the $1.65 billion sale of Mivisa Envases to Crown Holdings.