December 21, 2018 / 1:51 PM / 8 months ago

Trussardi reaches deal to sell majority stake to QuattroR fund - sources

MILAN, Dec 21 (Reuters) - Investment fund QuattroR has agreed to buy a stake of up to 80 percent in Trussardi even though the Italian fashion house needs a few more weeks to finalise details with creditor banks before signing off on the deal, two sources said on Friday.

The fund, partly owned by Italy’s state lender Cassa Depositi e Prestiti, will buy the stake via an equity-linked investment of around 50 million euros ($57 million), the sources said.

Trussardi and QuattroR declined to comment.

Trussardi, which began life as a leather glove manufacturer, is owned by the Trussardi family through its Finos holding. The company has hit hard times in recent years posting a loss of 30.6 million euros in 2017 after heavy writedowns. Revenues fell 8.6 percent to 24.2 million euros.

Earlier this year a series of banks, including UniCredit , Intesa Sanpaolo and Banca Monte dei Paschi di Siena, signed a funding agreement with the group worth 51.5 million euros.

According to one of the sources, QuattroR and Finos signed an agreement on Thursday to set up a vehicle that will be 70-80 percent owned by the fund.

Tomaso Trussardi will keep a minority stake in the group while his mother, Marialuisa Trussardi Gavazzeni, will retain a small stake, the source said.

QuattroR, which has a fund of more than 700 million euros that invests in Italian companies that are temporarily distressed, is looking to turn Trussardi round and then exit in 4-5 years, the second source said.

But reaching a deal with the creditor banks is key to closing the whole operation, the source added.

“The main problems with the banks have been ironed out and an agreement could be reached by mid-January,” the source said.

$1 = 0.8764 euros Additional reporting by Massimo Gaia in Milan. Editing by Jane Merriman

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