Family business roundup: Acciona, Pentland, Brunello Cucinelli and Antofagasta
KKR purchases a third of renewables firm Acciona, Pentland Group posts significant profits, Brunello Cucinelli protects the future of his family business and Antofagasta signs lucrative mining agreement.
Spanish infrastructure giant Acciona has sold a 33% stake in its international renewable energy business, the firm said on Tuesday.
US investment firm Kohlberg Kravis Roberts (KKR) will pay €417 million for one-third of their international wind and solar power business – a move which pundits claim is the largest renewable energy deal of 2014.
Second-gen José Manuel Entrecanales, executive chairman at Acciona, said the deal would strengthen the company’s balance sheet and allow for reinvestment in its subsidiaries.
Acciona provides renewable energy, water and infrastructure in more than 30 countries and employs 32,000 people.
Last year, Acciona posted revenues of €6.6 billion in 2013, and in June was awarded “Top Sustainable Family Business of the Year” at The European Families in Business Awards 2014.
KKR is one of the world’s largest private equity firms and manages $102.3 billion in assets.
Global brand management and retail organisation Pentland Group posted a 39% increase in group operating profit to £124 million in their brand and retail divisions.
Revenue from Pentland brands increased by 10%, fuelled by record revenues from Speedo, Lacoste Chaussures and Ted Baker footwear.
Pentland Group, which is owned by the Rubin family, employs more than 19,000 people in more than 195 countries. They have 1,000 stores stand-alone stores plus 10,000 dedicated retail spaces worldwide.
The group owns a majority stake in UK retail group JD Sports Fashion plc, one of the UK’s leading distributor of sportswear.
In June, CampdenFBawarded Pentland Group the ‘Top European Family Business of the Year’ award at The European Families in Business Awards 2014.
Fashion mogul Brunello Cucinelli, founder of the eponymous Italian fashion brand, has transferred his 61% stake in the business into a trust to maintain family control.
The move ensures his daughter, who is a board member, can maintain control and that the firm philanthropic endeavours will stay in line with the “social and cultural interest promoted by Cucinelli.”
Beneficiaries of the trust are daughters Camilla and Carolina Cucinelli. The trust provides for the appointment of a committee of experts, comprised of five members (including the daughters) that will help shape the company’s future.
“The trust was established to ensure the unity and the cohesion of management and so that Cucinelli will remain the same in spirit in the future,” Cucinelli said in a statement.
Brunello Cucinelli posted 2013 revenues of €99.6 million euros in the first quarter of 2014. Last year, they posted a net profit of €29.6 million.
Chilean mining firm Antofagasta, owned by the Luksic family, has signed a potentially lucrative deal that could earn the firm 70% of profits from a Zambian copper mine.
The agreement, which sees Antogagastra partnered with mineral exploration firm Argonaut, requires the Luksic family to spend $18.9 million (€13.8m) on an exploratory survey and feasibility study.
The agreement outlines five phases of development, which if deemed lucrative enough will result in excavation or Antofagasta being bought out.
Last year, Antofagasta posted revenues of $5.97 billion, a year-on-year decrease of 11.4% after the price of copper on the London Metal Exchange dipped by 7.9%. They project similar results for 2014.