BasicNet and Permira have entered an agreement regarding Permira’s acquisition of a significant minority stake in K-Way S.p.A. Turin-based BasicNet currently owns the entire share capital of K-Way. Upon the terms of the agreement, BasicNet will retain a stake of around 60 percent while private equity firm Permira, through Permira Growth Opportunities II, will come to hold around 40 percent.
According to Marco Boglione, Chairman and founder of BasicNet, the agreement with Permira is as crucial as only two others moments in BasicNet’s history: its acquisition of Maglificio Calzificio Torinese in 1994 and the stock exchange listing in 1999. BasicNet added that the transaction values K-Way at €505 million. The anticipated cash payable to BasicNet on the date of completion of the transaction should be between €180 million and €190 million, of which €65 million being paid in the form of a vendor loan.
BasicNet was advised by Mediobanca as exclusive financial advisor, Pavesio e Associati – with Negri-Clementi as legal firm, and STS Deloitte on tax matters.
Founded in 1965 in Paris, K-Way is the creator of the waterproof packable jacket, the “Claude,” known for its distinctive colourful zip and logo. BasicNet is also the owner of the Kappa, Robe di Kappa, Superga, Briko, Jesus Jeans, Sabelt and Sebago brands.
