D’Ieteren has reached an agreement to acquire a 41% stake in Moleskine and plans to launch a public takeover offer on the remaining shares

Highlights

  • D’Ieteren has signed an agreement to acquire a 41.00% stake in Moleskine, a listed Italian company with headquarters in Milan, from reference shareholders Appunti S.a.r.l. (Syntegra Capital) and Pentavest S.a.r.l. (Index Ventures), at EUR 2.40 per share, valuing the company equity at EUR 506 million. Closing is subject to customary regulatory filings.
  • Moleskine is an aspirational lifestyle brand with a global reach. The company develops and sells iconic branded notebooks and writing, travel and reading accessories through a multichannel distribution strategy.
  • At 30 June 2016, the company has 431 employees and sells its products across 114 countries with EMEA (Europe, Middle East and Africa), Americas and Asia-Pacific contributing respectively 43%, 39% and 18% to total revenues in 2015.
  • Moleskine has a highly profitable and capex-light operating model with revenues, operating result and net result reaching respectively EUR 128 million, EUR 35 million and EUR 27 million in 2015.
  • The company is growing fast (2010-2015 revenue CAGR of 19%) and benefits from strong prospects.
  • After closing of the acquisition of 41.00% in Moleskine, D’Ieteren will launch an unconditional mandatory takeover offer at the same price (EUR 2.40 per share) with no minimum threshold of ownership in the course of Q4 2016. If the necessary threshold is reached, D’Ieteren intends to delist Moleskine from the Milan stock exchange. This remaining investment will be financed through a combination of available cash and bank facilities.

Conference call

D’Ieteren’s management will organise a conference call starting today at 07:30 pm CET. The conference call can be attended by calling the number +32 2 401 53 06 (no pin code).

 

Group profile

In existence since 1805, and across family generations, D’Ieteren seeks growth and value creation by pursuing a strategy on the long term for its businesses internationally and actively encouraging and supporting them to develop their position in their industry or in their geographies. The group has currently two activities articulated around strong brands:

  • D'Ieteren Auto distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Porsche and Yamaha vehicles in Belgium. It is the country's number one car distributor, with a market share of more than 22% and 1.2 million vehicles on the road at the end of 2015. Sales and operating result reached respectively EUR 2.9 billion and EUR 60.4 million in 2015.
  • Belron (94.85% owned) is the worldwide leader in vehicle glass repair and replacement. Some 2,400 branches and 10,000 mobile vans, trading under more than 10 major brands including Carglass®, Safelite® AutoGlass and Autoglass®, serve customers in 33 countries. Sales and operating result reached respectively EUR 3.2 billion and EUR 174.4 million in 2015.

 

Financial Calendar

Last five press releases

(with the exception of press releases linked to the repurchase or sale of own shares)

Next events

 

 

 

 

29 August 2016

2016 Half-Year Results

7 March 2017

2016 Full-Year Results

13 July 2016

Publication of a transparency notification

1 June 2017

General Meeting & Trading Update

26 May 2016

Trading Update for the period ending 31 March 2016

 

 

29 April 2016

Dieselgate Commission recommendations

 

 

21 April 2016

Annual Report 2015

 

 

 

Contacts

Axel Miller, Chief Executive Officer

Arnaud Laviolette, Chief Financial Officer

Pascale Weber, Financial Communication - Tel: + 32 (0)2 536.54.39

E-mail: financial.communication@dieteren.be – Website: www.dieteren.com