Samsung and Prodos Capital in US may take Gianfranco Ferré
South Korean conglomerate Samsung Group and American private equity firm Prodos Capital Management emerged as the final bidders for Italian fashion house Gianfranco Ferré, which has filed for bankruptcy protection, in a deal offering to buy out the firm for less than $20.2 million.
Should the deal go through, the US private equity house will have a majority stake, while Samsung's textile division will take a minority stake in Gianfranco Ferré. Industry sources said that Samsung will provide working capital to cover the costs of inventory and production, and the investors will seek to expand the company's business further in Asia.
Italian Prime Minister Silvio Berlusconi or the industry minister need to approved the deal, but it seems likely to be finalized within the next few weeks. As part of the deal, Prodos has committed to keeping the company's 150 employees and a factory in Bologna — a key condition required by the government.
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.