BC Partners has sold down its stake in OVS, an Italian value fashion retailer, generating total proceeds of €166m.
The sale included 25 million ordinary shares at a price of €6.11 apiece, and an additional two million shares were sold to OVS managers.
BC reduced its stake from 42 per cent to 30 per cent, and the sale price is 56 per cent above OVS’s IPO price two years ago. The sell-down was performed at a valuation of 9.3x Ebitda, compared to the entry multiple of 6.4x Ebitda.
BC Partners originally acquired around 79 per cent of Milan-listed company Gruppo Coin, which counted OVS as its core division, in June 2011. It took the business private in September 2011 and separated OVS from the Coin department store branch.
OVS was then relisted in 2015, after BC had supported the business in launching an online platform, opening new stores, acquiring smaller Italian apparel retail chains and investing in its logistics platform.
OVS also acquired Charles Vogele, a clothing retailer which operates in several European countries, increasing the business’s international footprint.