Intercos Group begins listing procedures on the Italian Stock Exchange – WWD

MILAN – Cosmetics maker Intercos Group is listed on the Italian Stock Exchange, after several false starts over the years.

The free float required for listing will be achieved through a private placement reserved for qualified investors in Europe and the United Kingdom and for foreign institutional investors.

The placement will include newly issued ordinary shares of the company for a total amount of up to 60 million euros resulting from a capital increase and the sale of ordinary shares by some of the shareholders of the company, including the holding company CP7 Beauty Luxco Sàrl, owned by L Catterton. and The Innovation Trust, which is controlled by the Ontario Teachers’ Pension Plan.

CP7 Beauty Luxco Sàrl and the Ontario Teachers’ Pension Plan currently own 33.8% and 20.6% of the company, respectively. Last year, Intercos founder and executive chairman Dario Ferrari and his family-owned Dafe holdings signed an agreement with a subsidiary of Singapore’s sovereign wealth fund GIC for the sale of minority stakes in sub-holdings that control Intercos. At the end of the transaction, GIC held a minority stake in Dafe 3000 Srl, Dafe 4000 Srl and Dafe 5000 Srl, which together control 44.4% of Intercos.

The net proceeds of the capital increase will finance the development of the group’s activities and support the implementation of its strategic objectives, while Ferrari will continue to retain control of the group through the adoption of a voting rights mechanism. increased.

Subject to market conditions and obtaining the required approvals and authorizations from the Italian Stock Exchange and its watchdog Consob, the offer is expected to be launched this month.

The group was already planning an IPO last year, but it was ultimately postponed due to the pandemic and the consequent change in market conditions.

Hints of the intention to continue with the plan resurfaced earlier this year, when the company signed an agreement with Italian bank Intesa Sanpaolo for € 30 million in funding to support the achievement of its ESG targets. The increased commitment to sustainability and compliance with ESG requirements will also play a strategic role in attracting new investors and increasing the value of the company.

Founded in 1972 by Ferrari and based in Agrate Brianza – 40 minutes drive from Milan – Intercos manufactures and supplies lipsticks, eye shadows, mascaras, foundations, powders, pencils, nail polish nail and skin care products to about 680 customers worldwide. It employs around 5,200 people worldwide, spread over 11 research centers, 15 production plants and 15 sales offices on three continents.

In 2019, the group achieved a turnover of 712.7 million euros, up 3% compared to the previous year. In particular, makeup accounted for 66% of sales, hair and body products 20% and skin care the remaining 14%.

The company had already toyed with the idea of ​​a listing, but in 2006 plans were scrapped due to the poor economic climate. In 2014, the company submitted a formal application for listing on the Italian Stock Exchange, but in a quick turnaround it concluded its road show and issued a statement the week before official listing to withdraw the entire offering. , again highlighting the deterioration of market conditions. .

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