Sonenshine Partners Advises Binda Group on its Acquisition of Geneva Watch Company
Company Press Release
September, 2008

Sonenshine Partners LLC today announced that it acted as exclusive financial advisor to Binda Group on its acquisition of Geneva Watch Company from US private equity fund Heritage Partners. With the acquisition of Geneva, Binda has substantially strengthened its presence in North America, the world’s largest and most important market for watches and jewelry. It now expects to generate total combined annual revenues in excess of €450 million in 2008.

“We are very pleased with this acquisition, which enables our Group to further strengthen its international presence and share competencies with a successful US company,” said Marcello Binda, Co-CEO of Binda Group. Simone Binda, also Co-CEO of Binda Group, added, “combining forces gears us up to compete on equal terms with global category giants and to rise to the eighth position in the world ranking of watches and jewelry companies.”

Gianni Pieraccioni, Group Managing Director of Binda, added, “This transaction enables us to gain key strategic assets for the development and growth of our Group in terms of know-how and industrial and commercial strength.” As part of the transaction, Jeff Gregg, previously COO and CFO of Geneva Watch, has been appointed CEO of Geneva Watch, reporting to Pieraccioni. “We are very excited about the strengths to be gained by working with such an internationally successful company as Binda and the benefits it will bring to our customers and brands”, said Gregg.

Sonenshine Partners served as exclusive financial adviser to Binda on this transaction.

About Binda

Established in 1906 and headquartered in Milan, Italy, Binda Group is the world’s leading Italian watch and jewelry company. Binda operates in over 70 markets worldwide and employs approximately 400 individuals globally. Binda produces and distributes watches, jewelry and leather products under its own proprietary brand names, including Breil Milano, Breil Tribe, Wyler Genève and Details. It also produces and distributes watches and jewelry pursuant to exclusive license agreements with D&G, Moschino, Ducati and Glam Rock. Binda generated revenues in 2007 of nearly €300 million, representing approximately 5 million units. It serves over 12,000 retail stores worldwide.

About Geneva Watch Group

Established in 1974 and headquartered in New York, Geneva Watch Group is one of the leading US based companies in the design, production and distribution of watches and clocks. The company employs approximately 1,800 individuals worldwide, with locations in the US, Hong Kong and China. Over the fiscal year ended March 2008, Geneva recorded net revenues of nearly $200 million. Under its Status division, Geneva produces and distributes watches pursuant to exclusive license arrangements with Kenneth Cole, Tommy Bahama, Betsey Johnson, BCBG Maxazria, Ted Baker London, Mexx and Speedo. It also produces watches under its own proprietary brand name, Freestyle. Its Advance division is a leader in operations, supply chain and customer service and sells watches to mass market retailers such as Wal-Mart, Target, Kohls, and Kmart.

Sonenshine Partners is a leading independent investment bank focused on providing integrated strategic, financial and corporate advisory services.  The firm was founded in 2000 and is headquartered in New York City.