Bridgepoint Capital, the UK-headquartered private equity firm, has exited Italian sports retailing chain Longoni Sport via a E76m trade sale to competing retailer Giacomelli Sport.
The company was bought in an MBO backed by Bridgepoint in November 1999 and although the terms of today's deal have not been disclosed it was confirmed that the private equity firm will see a three times return on its investment.
Since Bridgepoint's original investment, the business has doubled the number of stores and total sales floor space. It has 22 sales outlets in Italy and has annual sales of €132 million.
The acquisition means that Giacomelli Sport, based in Rimini, will now be the leading sports retailer in Italy, with a claimed 25 per cent market share. BNP Paribas, Studio NCTM, Studio Camozzi & Bonissoni and KPMG advised Bridgepoint whilst Euromobiliare Corporate Finance, Studio Carnelutti and Deloitte & Touche advised Giacomelli.
The sale is the seventh exit for Bridgepoint in 2002 and follows the closing in May of its Second European Private Equity Fund (EPEF II) at over E2bn.