Samsonite, the luggage maker owned by buyout shop CVC and the Royal Bank of Scotland, is considering a $1 billion initial public offering in Hong Kong, Reuters reported, citing a story in the Sunday Times. The Luxembough-based company has hired Goldman Sachs as an advisor.
(Reuters) – Luxembourg-based luggage maker Samsonite is considering a $1 billion initial public offering in Hong Kong, the Sunday Times reported without citing sources.
Samsonite [CMERNS.UL], which is owned by private equity firm CVC [CVC.UL] and Royal Bank of Scotland (RBS.L) following a debt restructuring last year, has appointed Goldman Sachs to advise it on its options which could include a flotation, refinancing or trade sale, said the paper.
A spokesman for CVC declined to comment on the story when contacted by Reuters.
Samonsite was impacted by the downturn in travel during the financial crisis but sales of its suitcases have since recovered and if the firm maintains its current performance, it will post profit of $200 million this year, the paper added.
(Reporting by Sarah Young; Editing by David Cowell)