(Adds details on company, deal)
By Pamela Barbaglia and Freya Berry
LONDON, July 21 European private equity firm BC
Partners has appointed Bank of America Merrill Lynch
and Goldman Sachs to run the listing of its OVS
Industry fashion chain, several sources familiar with the matter
said on Monday.
OVS, which sells affordable high-street clothes and
accessories, will be carved out of Italian retailer Gruppo Coin
and listed on the Milan's Stock Exchange in autumn, one of the
BC Partners purchased Gruppo Coin for a multiple of almost 7
times its core earnings in 2011. A similar multiple would give
OVS a valuation of 952 million euros ($1.3 billion).
The chief executive of Gruppo Coin has previously said that
OVS would have a free float of at least 30 percent and would be
spun off by the end of the year. Lazard has been retained as
OVS' financial advisor.
The initial public offering comes at a time when a series of
Italian stock market listings including gaming firm Sisal have
been scrapped as investors' confidence wanes.
In 2013, OVS reported earnings before interest, tax,
depreciation and amortisation (EBITDA) of 136 million euros on
revenue of just under 1 billion euros.
BC Partners declined to comment. Bank of America and Goldman
Sachs were not available for immediate comment.
Gruppo Coin was Italy's largest clothing retailer when it
was delisted in 2011 after private equity firm BC Partners
bought it in a deal worth 1.4 billion euros including debt.
($1 = 0.7396 euros)
(Editing by David Evans)