Home » Zegna, merger with a Spac of Investindustrial for listing on Wall Street

Zegna, merger with a Spac of Investindustrial for listing on Wall Street

by archyw

The Ermenegildo Zegna Group will be listed on the New York Stock Exchange (NYSE) by the end of the year. The transaction will take place through a business combination between the luxury company and Investindustrial Acquisition Corp, a special purpose acquisition corporation (Spac) promoted by investment companies affiliated to Investindustrial VII.

«More than 111 years ago, my grandfather and my namesake founded Zegna with the belief that attention to the environment, the community and people should be the foundation for creating the finest fabrics and a successful brand. Since then, we have proudly followed in his footsteps to become an authentic Italian luxury group in the world. Today’s announcement underscores the success of our strategy in constantly focusing on Zegna’s brand equity while continuing to strengthen our legacy. our ethics of sustainability and the uniqueness of craftsmanship that has made our name synonymous with the highest quality and luxury at a global level “commented the CEO of the Zegna group, Ermenegildo” Gildo “Zegna, specifying:” Upon completion of the operation, the family Zegna will retain control of the company and we will continue to invest in creativity, innovation, talent and technology to support our leadership in the global luxury market ».

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At the end of December 2020, Zegna was present in 80 countries through 296 direct stores. This year the group expects to achieve annual revenues in line with 2019 levels, thus returning to pre-pandemic levels.

Upon completion of the transaction, which is scheduled for the fourth quarter of this year and is subject to standard regulatory approvals and conditions, as well as the favorable vote of IIAC shareholders, the Zegna family will continue to have control of the Company with a participation of approximately 62%. Based on the transaction value, the merged entity will have an expected initial enterprise value of $ 3.2 billion with an expected market capitalization of $ 2.5 billion.

«For over thirty years, Investindustrial has invested and supported both growing and consolidated Italian brands. We believe in the strength of Made in Italy, which has always been recognized throughout the world for quality, craftsmanship and innovation. In Zegna we have identified a Group that also combines a strong family tradition and a leadership position in sustainability – one of the pillars of Investindustrial’s investment strategy “commented Andrea C. Bonomi, founder of Investindustrial and president of the Industrial Advisory Board, adding:” We want to support the Zegna Group with a long-term commitment and a significant investment to support the Company’s current expansion and growth with the aim of bringing Zegna’s exceptional tradition and luxury craftsmanship to an increasingly broader base of consumers across the board. the world”.

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