Investment firm reportedly buying majority stake in Trussardi

New York - Quattro R, an investment fund, would have reportedly acquired a majority stake in the Italian struggling fashion group Trussardi. The latter has been family-run since its foundation, and battling with mounting debt for years.

Investment fund QuattroR would have agreed to buy a stake of up to 80 percent in Trussardi even though the Italian fashion house needs a few more weeks to finalise details with creditor banks before signing off on the deal, two sources said on December, 21, reports Reuters. Sources quoted by Italian news site Bebeez add that the sign-off of the deal is expected to be secured in mid-January.

Quattro R said to have paid circa 50 million euro for a majority stake in Trussardi

According to the same sources, the fund, partly owned by Italy’s state lender Cassa Depositi e Prestiti, will buy the stake via an equity-linked investment of around 50 million euros.

To date, Trussardi and QuattroR have declined to comment on the matter.

Currently, Finos, the Trussardi family’s holding company, currently owns the totality of the fashion group’s capital, as follows: Tomaso Trussardi holds 50 percent, his mother Maria Luisa Gavazzeni stands by another 25 percent and the reminding third is under his sister Gaia’s name. Sources close to the matter cited by the market explain that it’d be Gaia who’d leave the family-run business, selling her stake to Quattro R. Tomasso and his mother are thought to retain the reminder 20-30 percent.

Alvarez & Marsal are the restructuring partners working on the re-launch plan, per Reuters’ sources.

It’s worth recalling that earlier this year Trussardi’s creditor banks (BNL, Unicredit, Intesa Sanpaolo, UBI Banca, Banco BPM and MPS) signed a 51.5 million loan agreement with a pre-amortisation period of two years and a repayment in increasing installments.

Finos SpA closed 2017 with consolidated net revenues for 153.8 million euro, a negative EBITDA of 6.1 million euro and a net loss of 14 million.

Image:Trussardi official web