Primavera Capital (NYSE:PV) announced that it has added $50 million in committed funding to its combination with the Lanvin Group amid other changes to the transaction.
Meritz Securities (KS:008560) agreed to provide the financing in a private placement and may invest an additional $15 million via a PIPE. The parties announced that a holder of Lanvin Group debt has also agreed to fully convert an existing loan into $95 million of Lanvin Group shares at closing.
The combined company’s proposed enterprise value was also decreased to $1.3 billion from $1.5 billion and its equity value to $1.7 billion from $1.9 billion. Lanvin Chairman and CEO Joann Cheng noted in a press release that the revision was made to match the performance of listed luxury brands in the current market and provide greater upside for investors.
The transaction is now expected to bring a total of $290 million in committed financing in addition to the $414 million in Primavera’s pre-redemptions trust. The deal has a $350 million minimum cash condition, and this would be met as it stands as long as Primavera’s redemptions do not exceed 85%.
The parties initially announced the deal on March 23. Paris-based Lanvin produces luxury apparel through four signature brands with about 300 retails stores and 3,600 employees globally.
The Lanvin Group also announced today that it generated €202 million ($198 million) in revenue in the first half of 2022, with 260% year-over-year growth through wholesale channels and 75% growth in direct-to-consumer revenue.
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