Sonae has completed the sale of Modalfa and Zippy to the consortium that includes the current CEO of Mo and the Mercúrio Fund, the group announced to the market this Thursday, raising around 20 million euros.
Sonae has completed the sale of the Mo and Zippy fashion brands
Sonae then pointed out that this sale agreement constitutes an MBO (Management Buy Out), i.e. “an acquisition by the current management team, demonstrating their commitment to the business”.
Mo and Zippy are brands founded by Sonae, the former being a retailer specialising in fashion and accessories for the whole family, with more than 120 fashion stores in Portugal. The business also has a segment dedicated to managing the textile category for leading international retailers.
Zippy is dedicated to children’s clothing and is present in more than 40 countries.
This Thursday, after the market closed, Sonae stated that the transaction now concluded “is fully aligned with Sonae’s active portfolio management strategy, which aims to generate long-term value for its shareholders, through the continuous management of its business portfolio and ensuring the best conditions for the success of its companies”.
Mo and Zippy will continue under the leadership of their current management teams, it added. Sonae closed yesterday up 0.16% to 1.25 euros.
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