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“Nuance’s management is very excited by this new venture and we are all looking forward to an interesting and successful future“ |
Roberto Graziani President & CEO The Nuance Group |
INTERNATIONAL. Stefanel has announced the sale of its 50% stake in leading travel retailer The Nuance Group. The buyer is the European private equity firm PAI Partners, through its PAI Europe V Fund.
The Sale Purchase Agreement includes certain conditions, among them authorisation from the Antitrust Authorities and the consent to the change of control by certain airport authorities relevant to The Nuance Group.
Stefanel S.p.A. Chairman Giuseppe Stefanel said: “I am very pleased with this agreement for the sale of our interest in Nuance, which will allow us to further focus on our project, providing also the financial resources needed to develop our investment plan.
“I am also glad that a high-standing partner like PAI succeeds to Stefanel and I am sure it will actively contribute to Nuance’s growth. I finally want to thank Arturo Bastianello (CEO of Gecos/Gruppo PAM, the other 50% shareholder in Nuance), with whom I have shared this eight-year partnership, and I wish him all the very best for the future; the same wishes go to Nuance’s management together with my personal appreciation for their work.”
PAI Senior Partner Raffaele R. Vitale added: “We are very glad to add The Nuance Group to our portfolio of investments. We believe the travel industry has a bright future and that retail will play a pivotal role within it, and it will allow PAI to bring its expertise in the retail sector. We are looking forward to contributing strategically to strengthen Nuance’s already excellent positioning and to accelerating its growth.”
Bastianello continued: “I’m sad that our venture with Stefanel is about to reach an end. I would like to personally thank Mr Stefanel for his commitment and support during the past eight years, which have seen a complete restructuring of the company, which is now very well positioned to take advantage of the industry’s growth prospects and to additionally strengthen its market position. I am looking forward to starting our partnership with PAI, with the aim of supporting the management in achieving their ambitious objectives.”
The Nuance Group President & CEO Roberto Graziani concluded: “I wish Stefanel S.p.A. a bright future and I thank Mr Stefanel for his support in my years in Nuance. I’m sure Nuance will benefit from PAI’s worldwide connections and expertise in the retail sector and from the reconfirmed commitment of Gecos.
“Nuance’s management is very excited by this new venture and we are all looking forward to an interesting and successful future”.
ABOUT PAI PARTNERS
PAI Partners is a leading European private equity firm with offices in Paris, Copenhagen, London, Luxembourg, Madrid, Milan and Munich. PAI manages and advises dedicated buyout funds with an aggregate equity value of €7 billion.
Since 1998 PAI has completed 37 LBO transactions in nine European countries, representing over €34 billion in transaction value. PAI says it is characterised by its operational approach to ownership combined with industrial and sector expertise. PAI provides portfolio companies with the financial and strategic support required to pursue their development and enhance strategic value creation.
For further information on PAI partners see www.paipartners.com
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