CVC, RBS raise $286m in Samsonite sell-down - report
CVC and Royal Bank of Scotland (RBS) have reportedly sold a combined 153.6 million shares in Hong Kong-listed Samsonite International, the world’s biggest travel luggage company, for HK$2.22 billion ($286 million). The deal accounted for roughly 10% of the company, with 65% of the shares sold by CVC and the remaining 35% by RBS.
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.
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