Goldman, JPMorgan and UBS lead Golden Goose’s buyout debt

[LONDON] Goldman Sachs, Group JPMorgan Chase and UBS Group are leading a debt financing deal backing a Chinese firm’s acquisition of Italian high-end sneaker producer Golden Goose Group.

The deal could total between 800 million euros (S$1.2 billion) to 900 million euros of debt and other lenders are expected to join the bank group, according to people familiar with the matter who asked not to be identified because the deal is private.

HSG, formerly known as Sequoia Capital China, agreed to buy the maker of US$500 distressed sneakers from private equity firm Permira Holdings, in a deal said to value the company at slightly over 2.5 billion euros, Bloomberg reported in December.

The financing is expected to come in the form of high-yield bonds, possibly floating-rate notes, in line with Golden Goose’s previous debt, the people said.

It is due to launch for investors to buy towards the end of the first quarter, they added, and could attract global high-yield investors, including Asian funds, seeking to play in a high profile brand backed by an Asian owner, one of the people said.

Temasek Holdings will take a minority stake in Golden Goose, and Permira will also maintain a minority shareholding.

SEE ALSO

Golden Goose’s US$2,000 sneakers are a rare win for private equity

China’s reawakening puts Asia M&A on confident course for 2026

Returns generated by GIC, Temasek ‘reasonable and within expectations’: Jeffrey Siow

Temasek, GIC investments flat at US$31 billion even as global peers’ activity rises: report

Global private equity firms eye Singapore-based XCL Education: sources

More

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Representatives for Goldman Sachs, JPMorgan, UBS and Permira declined to comment. Golden Goose, HSG and Temasek did not immediately reply to requests for comment.

The deal is one of the most prominent purchases of a European luxury brand by a Chinese buyer, and one of the biggest in the sector this year, ahead of Prada’s roughly 1.25 billion euros acquisition of fashion house Versace. BLOOMBERG