卡塔尔皇室买了华伦天奴

The Qatari royal family has snapped up luxury Italian brands Valentino and Missoni for €700m, hoping to turn them into a “global luxury goods powerhouse.

卡塔尔皇室以7亿英镑的价格收购了意大利奢侈品牌华伦天奴（Valentino）和米索尼（Missoni），希望将它们打造成为“全球奢侈品动力。

Valentino, known for its cocktail dresses and elaborate wedding gowns, fell under private-equity ownership in 2007 as part of Permira’s bid to take over Hugo Boss, the German fashion house that was then controlled by Valentino, in a €2.6bn deal.

以精美的酒会和婚礼礼服闻名的华伦天奴，于2007年成为欧洲著名私募基金公司帕米拉（Permira）的一份子，当时这笔价值26亿欧元的交易还包括了德国时尚品牌Hugo Boss。在过去的五年中，这个总部设于米兰的品牌不仅经受了奢侈品市场的动荡，同时还有其创始人、精神领袖华伦天奴·格拉瓦尼（Valentino Garavani）的退休所带来的影响。

In the past five years, the Milan-based house has had to weather not only swings in the luxury market, but also the retirement of its founder and figurehead, Valentino Garavani.

帕米拉为了让自己的投资人看到收益，因此力求要在许多私募基金的传统资助人对资产类别都保持十分冷静的情况下，为接下来的五年一次性筹集到65亿欧元。不久前，在竞标价都低于28亿欧元的评估价之后，帕米拉排除了出售其旗下冷冻食品专家Birds Eye Iglo的可能性。

Permira is keen to show its own investors that it is able to cash in on its assets, as it seeks to raise €6.5bn for a new five-year fund at a time when many traditional backers of private equity are cooling on the asset class. Earlier this week, it ruled out the possible sale of its holding in Birds Eye Iglo , the frozen-food specialist, after bids came in below its €2.8bn valuation.

但是出售华伦天奴所获得的收入并不会返回到投资人手中。作为Hugo Boss的大股东的帕米拉控股公司将会用这些钱来偿还债务。

But the money generated by the Valentino disposal will not be returned to investors. Instead, the Permira holding company that holds its Hugo Boss stake will use the cash to pay down debt.

这笔关于华伦天奴和米索尼的交易评估价格，差不多是去年在未计入利息、税项、折旧以及分期前的2240万欧元的评估价格的32倍，远远高于其他类似交易。

The deal values Valentino and Missoni combined at some 32 times last year’s earnings before interest, tax, depreciation and amortisation of €22.4m, much higher than comparable deals.

“其他私募基金会对华伦天奴感兴趣，因为这是一个涨势良好的有价值的品牌，但是这一价格有效地排除了其他竞争者。一位顾问如是说。

“Other private-equity houses would have been interested in Valentino, as it is a valuable brand with good potential for growth, but the price paid effectively killed off any competition, said one adviser.

卡塔尔方面投资公司的一位发言人称，他们希望保留格拉瓦尼先生离开之后，由帕米拉组建的现有团队。“我们看重并支持管理的长期性，以更好地开发这个活力十足的品牌的全部潜能。他说。

A spokesman for the Qatari investment vehicle said that it was looking to stick with the current team put in place by Permira following Mr Garavani’s departure. “Our vision is to back management for the long term to exploit the full potential of this exciting brand, it said.

这次出售并不包括华伦天奴旗下的MCS Marlboro Classics，它将在交易之前分离出去。

The sale does not include Valentino’s MCS Marlboro Classics, which will be carved out before the sale.

帕米拉不得不重新处理华伦天奴在2010年收购Hugo Boss股权时所背负的25亿欧元债务问题。他们注入新股以便让贷方满意，而这项业务表现强劲，也促使收购团队的评估价值达到了原始股权的1.6倍。

Permira was forced to renegotiate Valentino’s €2.5bn debt package in 2010, at a time when the Italian brand owned the Hugo Boss stake. It injected fresh equity to satisfy lenders, and the business has since performed strongly, prompting the buyout group to value the investment at 1.6 times its original equity stake.

买方的顾问为普望合伙人（Perella?Weinberg Partners）。而帕米拉的顾问则是梅迪欧银行（Mediobanca）和裕信银行（UniCredit）。

The buyers were advised by?Perella?Weinberg Partners. Permira was advised by Mediobanca and UniCredit.