Dec 10, 2013
Italy's Harmont & Blaine sees minority investor in first quarter
Dec 10, 2013
MILAN, Italy - Italian casual clothing brand Harmont & Blaine has received offers from around 15 funds interested in buying a minority stake which the company plans to sell in the first quarter of 2014, its chief executive said on Monday.
Harmont & Blaine said in September it planned to find a financial partner to invest in the company through a reserved capital increase in order to increase sales and expand abroad.
"We are at the stage for non-binding offers and we hope to complete this before Christmas so we can proceed to a selection process," Chief Executive Domenico Menniti said on the sidelines of a presentation in Milan.
The maker of informal clothes branded with a basset hound has already met investors from three continents and will consider non-binding offers submitted between Dec. 11 and Dec. 20, Menniti said.
He added that the company, which expects 2014 revenues of 90 million euros ($123.48 million) up from 61 million euros in 2012, planned to list shares publicly in the next four years.
"I hope we can get there in the first possible window of 2017, but if the opportunity arises to accelerate the process we will definitely take it," he said.
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