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US-based Cerberus acquires Fila Holding for $351m13/03/2003. Source: AltAssets. 
 Distressed investment firm Cerberus Capital Management is to acquire the entire 91 per cent stake presently held by Holding di Partecipazioni Industriali SpA in Fila Holding, an Italian sportswear group, in a transaction valued at $351m.
Cerberus, through its affiliate Sport Brands International LLC, will also assume responsibility for all of Fila's debt - this consolidated debt was E295m as at 31 December 2002.
Fila said that its board of directors had taken into account various factors, including the Fila group's ‘economic results in recent years and the difficulties and uncertainties in achieving stable positive results in the near future'.
The operating businesses that will now be acquired by Cerberus include Fila Nederland, Fila Sport, Ciesse Piumini and Fila USA.
The deal reinforces the gently growing trend of US private equity firms edging their way into the European marketplace.
Copyright © 2003 AltAssets
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