JIMMY CHOO could opt for Hong Kong IPO, with BALLY owners seeking control
British luxury shoemaker Jimmy Choo may seek a Hong Kong initial public offering that may value the company at US $1.1 billion, the Financial Times reported.HSBC Holdings Plc (HSBA) proposed the IPO to Jimmy Choo’s owner TowerBrook Capital Partners LP and the plan is being taken “seriously” by the buyout firm, the FT reported without saying where it got the information.
TowerBrook, which was spun out of Soros Fund Management LLC, teamed up with Mellon and other Jimmy Choo management to buy control of the company from Lion Capital LLC in 2007. The offer valued the shoemaker at 185 million pounds at the time and marked the third time the fashion brand was acquired by a private-equity investor.
Labelux Group, owner of Switzerland’s Bally International AG, teamed up with private-equity firm Investcorp Bank BSC to bid for Jimmy Choo, two people with knowledge of the talks said this month. Jimmy Choo may fetch more than 500 million pounds, one of the people said at the time.
TPG Capital, the American buyout firm, may make a bid, the Wall Street Journal reported March 6, citing sources with knowledge of the matter. Jones Group Inc., along with TPG and the Labelux-led group, are vying for control of Jimmy Choo, the Financial Times said today.