CVC completes another Samsonite selldown
CVC Capital Partners has exited HK$1.45 billion ($187 million) worth of shares in Samsonite International as part of a HK$2.24 billion sell-down with fellow investor Royal Bank of Scotland (RBS).
A total of 138.3 million shares were sold at HK$16.20 apiece, representing a 4.9% discount to Samsonite's closing price on Friday, according to Reuters. The stock was down 2% at HK$16.70 during mid-morning trading in Hong Kong.
The latest sale means CVC has trimmed its holding in Samsonite to about 9.7% with RBS holding 5.1%.
The private equity firm and the UK bank have completed several sell-downs in the company, which they took public in July 2011, raising $1.25 billion plus a $46 million overallotment. CVC took away $550 million from the IPO and retained a 28.7% stake, while RBS received proceeds totaling $316.8 million and kept 15.2%.
Subsequent partial exits include a HK$1.68 billion sale in April 2012 and a HK$2.22 billion sale five months later. The investors have completed exits proportionate to their holdings, with CVC accounting for 65% of each transaction to RBS' 35%.
CVC bought Samsonite in 2007 for $1.7 billion, including debt, and funded most of the transaction with a loan from RBS. Another round of restructuring - driven by the downturn in business due to the global financial crisis - saw RBS take nearly 30% of the company.
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