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10/2012

PAI PARTNERS takes majority stake in MARCOLIN

ITALY Luxury Goods / Luxury Supply Chain EV €100–350M

Context

PAI Partners entered into an agreement to acquire a majority stake (78,39%) in Marcolin from the founding Marcolin family, the Della Valle brothers, and Antonio Abete through a primary leveraged buyout transaction. The deal introduces a new controlling shareholder while maintaining strategic alignment with several historical shareholders, who will reinvest alongside PAI through the acquisition vehicle. The transaction is designed to support Marcolin’s next stage of international expansion and strengthen its position within the global licensed eyewear industry. The company benefits from a diversified portfolio of partnerships with leading luxury, fashion, and lifestyle brands, as well as an established commercial presence across key international markets. PAI intends to leverage this platform to accelerate geographic growth, deepen long-term relationships with major brand partners, and further expand the company’s licensing portfolio. Following completion of the acquisition, the investor plans to launch a tender offer for the remaining publicly traded shares as part of a process aimed at taking the company private.

MARCOLIN, which reported an EBITDA margin of [members only] in 2011, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average currently observed in the Retail & Consumer sector (11.9x).

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Target

Marcolin is an Italian eyewear manufacturer specialized in the design, development, production, and distribution of optical frames and sunglasses under license for international luxury, fashion, and lifestyle brands. The company holds a recognized position within the global eyewear industry, a market characterized by significant barriers to entry driven by design capabilities, manufacturing expertise, specialized distribution networks, and long-term brand partnerships. Founded in 1961 and headquartered in Longarone, Italy, Marcolin operates an integrated platform spanning the entire value chain, from product development and manufacturing to marketing, logistics, and international distribution. The company manages a diversified portfolio of premium and luxury brand licenses, enabling it to address multiple segments of the global eyewear market. Marcolin maintains an extensive international footprint through commercial subsidiaries, regional offices, and distribution networks across Europe, North America, Latin America, and Asia. This global infrastructure allows the company to serve key consumer markets efficiently while supporting the international growth strategies of its brand partners.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2011
€150–250M
€25–50M
[members only]
2010
€150–250M
€25–50M
[members only]

Other operations with MARCOLIN

Other operations with MARCOLIN

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
09/2025VSP VISIONMARCOLINITALYLuxury Supply Chain

REFERENCES

Valuation range: EV €100–350M

Revenue range: €150–250M

EBITDA range: €25–50M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MARCOLIN by PAI PARTNERS are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: marcolin

Acquirer: pai partners