Hugo Boss, the German fashion house, proved another winner for its private equity backer Permira today.
After a further recapitalisation of Boss, SVG Capital, the London-listed proxy for Permira, will receive £110.9 million cash back which is the equivalent of 47% of its original investment.
At the same time SVG’s remaining stake in Boss has been revalued at £308.6 million.
At the half-year at the end of June SVG’s holding in Boss was valued at £377 million. Today’s realisation and valuation is 11% higher than that.
Boss shares dropped 3% on the German market after a downgrade by investment bank Goldman Sachs.
Permira also announced its final sale of shares in Italian tile group Marazzi which will see SVG collect another £16.6 million in cash — a £1.3 million uplift on the half-year valuation. SVG also bought in the remaining £97.8 million of senior debt notes which were due to be redeemed in July next year and January 2015.
