Italian mens clothier Ermenegildo Zegna Group and Investindustrial Acquisition today announced a definitive business agreement that would give the combined company an initial enterprise value of $3.2 billion.
The transaction is expected to deliver approximately $880 million of gross proceeds, consisting of the SPAC’s $403 million in trust, a fully committed, upsized $250 million PIPE and approximately $225 million in a forward purchase agreement with Strategic Holding Group, an independently managed investment subsidiary of Investindustrial VII.
Zegna maintains a presence in 80 countries through 296 directly operated stores. In 1991, Zegna was the first luxury menswear brand to open in China, and Greater China accounted for 35% of the company’s apparel, accessories and textile revenues in 2019. Read more.
