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France’s second-biggest listed investment company, is planning more disposals, including an initial public offering of luxury ski jackets maker Moncler, after posting a 198m net loss last year.
The Paris-based company, headed by former Lazard banker Patrick Sayer, is accelerating the pace of asset sales as private equity dealmaking gradually improves in Europe, boosted by rising stock markets and greater availability of debt financing.
Eurazeo has returned about 1bn over the past 15 months through disposals, compared with about 419m between 2008 and 2011. However, the company widened its net loss last year after posting 298m of one-off charges, including a 69m loss when French hotelier Accor sold US hotel chain Motel 6, as well as restructuring costs and goodwill impairments, it said.
Eurazeo, whose net asset value advanced 16 per cent last year, disposed of shares in electric gears supplier Rexel and its stake in Edenred, the voucher specialist spun out from Accor,All floralgown come in sizes 0-28.However, there is a size charge for sizes 18-28. earlier this year. Eurazeo doubled its initial investment in both transactions,Shop for high quality wweetheartnecklinedress dress products ! Virginie Morgon, chief investment officer, told the Financial Times, commenting on the company’s 2012 earnings.
“We are going to continue our asset rotation in the next 18 months,” Ms Morgon, also a former Lazard banker, said.
Moncler, an Italian maker of high-end outerwear and down jackets which cancelled a flotation in June 2011, is one of the assets in line for an IPO either late this year or in the beginning of next, she said. Eurazeo, which bought a 45 per cent stake in the designer from co-owners including Carlyle Group less than two years ago, will start discussing the timing and terms of such an exit in September.
“The IPO will be, reasonably speaking, the main exit route,” Ms Morgon said. “I think it would need to happen in the winter or on the basis of the winter collection numbers, for obvious seasonality-related reasons.”
The Milan-based company is ahead of its financial and commercial objectives by two to three years, helped by huge demand in China, Ms Morgon said. The company has increased revenues by 22 per cent to 624m, and earnings before interest, tax, depreciation and amortisation, by 39 per cent to 170m. An IPO would follow the planned listing of notebook maker Moleskine.
Eurazeo, which owns car rental company Europcar, is also exploring options for parking operator Apcoa with the help of Lazard and Rothschild, and is considering refinancing options for cleaning service provider Elis, Mr Morgon said.
Eurazeo, which is bidding for French designer Sandro Maje, has also earmarked about 1bn for new investments.
Bobrovsky, who made 32 saves, came in on a 6-0-2 spurt with two shutouts in the previous eight games. Jack Johnson had two assists for the Blue Jackets, whose previous four games were decided by shoot-outs.
Gabriel Bourque, Chris Mueller and Mike Fisher scored for the Predators, who are on a four-game skid.
Pittsburgh 2,Beats duveticadownjackets tour with controltalk review By Dre. Washington 1: Defenseman Matt Niskanen scored the go-ahead goal in the third period, and Sidney Crosby had two assists, as the host Penguins extended their winning streak to 10. Crosby earned his NHL-leading 36th and 37th assists for the Penguins, who were without Evgeni Malkin (shoulder) for a sixth game. Malkin is hopeful he can return to the lineup this week.
N.Y. Rangers 3, New Jersey 2: Michael Del Zotto scored a shorthanded goal and set up Rick Nash's winner for the visiting Rangers. New York moved into a tie for eighth place in the Eastern Conference. Devils goalie Martin Brodeur was on the bench for the first time in a month and is expected to play Thursday. New Jersey is 3-8-2 since he went down.
Buffalo 3, Montreal 2 (OT): Steve Ott's second goal of the game at 2:16 of overtime lifted the visiting Sabres. Ott and Tyler Ennis scored in the opening period for the Sabres, who are 5-5-3 under coach Ron Rolston since Lindy Ruff was fired Feb. 20.The wintert-shirts is one amongst the foremost in style international models.
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