MILAN – Cosmetics producer Intercos Group is to checklist on the Italian Bourse, after a number of false begins through the years.
The free float required for the itemizing might be achieved by a personal placement reserved for certified traders in Europe and the U.Okay. and international institutional traders.
The location will embody newly issued atypical shares of the corporate for a complete quantity of as much as 60 million euros ensuing from a share capital enhance and the sale of atypical shares by among the agency’s shareholders, together with L Catterton-owned CP7 Beauty Luxco Sàrl holding firm and The Innovation Belief, which is managed by Ontario Academics’ Pension Plan.
CP7 Beauty Luxco Sàrl and Ontario Academics’ Pension Plan at present personal 33.8 p.c and 20.6 p.c of the corporate, respectively. Final yr, Intercos’ founder and govt chairman Dario Ferrari and his household holdings Dafe signed an settlement with an affiliate of the Singapore sovereign wealth fund GIC for the sale of minority stakes within the subholdings that management Intercos. On the finish of the operation, GIC held a minority stake in Dafe 3000 Srl, Dafe 4000 Srl and Dafe 5000 Srl, which collectively management 44.4 p.c of Intercos.
The online proceeds of the capital enhance will fund the event of the group’s enterprise and help the implementation of its strategic objectives, whereas Ferrari will proceed to retain the management of the group by the adoption of an elevated voting rights mechanism.
Topic to market situations and to acquiring the required approvals and authorizations from the Italian Bourse and its watchdog Consob, the providing is anticipated to be launched this month.
The group was planning an IPO already final yr, however it was ultimately postponed because of the pandemic and consequent change in market situations.
Hints in regards to the intention to proceed with this plan once more resurfaced earlier this yr, when the corporate signed an settlement with Italian financial institution Intesa Sanpaolo for a 30-million-euro financing to help the achievement of its ESG targets. The improved dedication to sustainability and achievement of ESG necessities will moreover play a strategic position in interesting the brand new traders and improve the worth of the enterprise.
Based in 1972 by Ferrari and based mostly in Agrate Brianza — a 40-minute drive from Milan — Intercos manufactures and provides lipsticks, eye shadows, mascaras, foundations, powders, pencils, nail polishes and skincare merchandise to round 680 purchasers globally. It employs about 5,200 folks worldwide, distributed by 11 analysis facilities, 15 manufacturing vegetation and 15 gross sales workplaces on three continents.
In 2019, the group reported revenues of 712.7 million euros, up 3 p.c in comparison with the earlier yr. Particularly, make-up accounted for 66 p.c of revenues, hair and physique merchandise for 20 p.c and pores and skin look after the remaining 14 p.c.
The corporate has toyed with the concept of a list earlier than, however in 2006 plans have been shelved given the poor financial local weather. In 2014, the agency offered a proper request to checklist on the Italian Inventory Trade, however in a fast turnaround, it concluded its highway present and launched a press release the week earlier than the official itemizing to withdraw your entire providing, pointing once more to deteriorated market situations.
https://wwd.com/beauty-industry-news/beauty-features/intercos-group-list-italian-bourse-1234971773/ | Intercos Group Begins Procedures to Record on Italian Bourse – WWD