CVC, RBS raise $286m in Samsonite sell-down - report

The shares were purchased by a small number of global investors through a reverse enquiry, IFR reported, adding that the vendors sold at HK$14.50 apiece, representing a 3.3% discount to Friday's closing price. Goldman Sachs was the sole book-runner.

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.

Samsonite was listed in June 2011, raising $1.25 billion, plus an additional $46 million after underwriters exercised the over-allotment option. CVC took away $550 million from the IPO and was left with a 28.7% stake in Samsonite. RBS gained $316.8 million and retained a 15.2% interest.

In April, the pair exited close to 8% of their combined holding in the luggage maker for HK$1.68 billion. The block trade of 112.5 million shares was priced at HK$14.90-15.15. The sale left CVC with 23.3% and RBS with 13.2%.

Other investors in Samsonite International include Morgan Stanley, JP Morgan and Wellington Management Company.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Exits
• Consumer
• Hong Kong (China)
• Exit
• CVC Capital Partners