Billionaire bonanza

13 June 2013 By Agnes T. Crane

The billionaire family behind the fragrance maker nets nearly $800 mln in its market debut. A cost-crunching reverse takeover of rival Avon might have been the preferred route for the Reimanns. But that option is still open even after taking money off the table.

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On June 12, fragrance-maker Coty priced its initial public offering in the middle of an expected range at $17.5 per share. Proceeds from the sale will go to existing stakeholders, not the company.
Of the 57.1 million shares sold, Joh. A Benckiser - the investment vehicle for the billionaire Reimann family – offered 43.6 million. Private equity firms Berkshire Partners and Rhone, which each own 7.1 percent of the company’s common shares, offered the rest.
The Reimann family will still control the firm through their 85 percent ownership of Class B voting shares.

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