MILAN – Private equity firm Permira has agreed with BasicNet to buy a stake of around 40% in K-Way, valuing the entire company at 505 million euros ($545.80 million), the Italian outerwear and sportswear group said on Friday.
Founded in 1965 in Paris, K-Way is the creator of the category-defining, packable waterproof jacket, the “Claude”, with its distinctive colourful zip and logo inspired by the French national flag.
The cash payable to K-Way owner BasicNet on the date of completion of the transaction should be between roughly 180 and 190 million euros, of which 65 million in the form of a ‘vendor loan’, the company said in a statement.
After the closing, expected in the first quarter of 2025, BasicNet will retain around a 60% stake in K-Way.
In 2023 the company posted earnings before interest, tax, depreciation and amortisation (EBITDA) of 44.7 million euros.
Mediobanca acted as exclusive financial adviser for BasicNet.
($1 = 0.9252 euros)
(Reporting by Gianluca Semeraro; editing by Gavin Jones)
