The IPOX® Watch: Samsonite
Company Description
Founded in 1910 as a trunk manufacturing company, Samsonite International S.A. is a travel luggage company headquartered in Mansfield MA. The company designs, manufactures, sources, markets, distributes, and retails travel luggage, business and computer bags, outdoor and casual bags as well as travel accessories. Samsonite owns several core brands including Samsonite®, Tumi®, American Tourister®, and Gregory®.
Business Model
Samsonite International generates revenue primarily through wholesale and direct-to-consumer (includes bricks-and-mortar retail and e-commerce) sales. The company also generates licensing revenue.
M&A History
On 03/03/2016, Samsonite International S.A. announced to acquire Tumi Holdings, Inc for $26.75 per share in an all cash transaction, a premium of 32.89% to its previous close. The acquisition was completed on 08/02/2016 valuing Tumi at an equity value of $1.8 billion.
IPO History
On 04/19/2012, Tumi Holdings, Inc began trading on the NYSE led by Goldman Sachs. The luxury luggage maker offered 18,779,865 shares (including 3,171,644 shares from selling shareholders - European private equity firm Doughty Hanson & Co) at $18.00 per share, above its expected price range. Tumi was valued at ca. $1.22 billion at offer.
Samsonite International S.A. was included in the IPOX® International Index (ETF: FPXI US) on 06/21/2021, and currently weighs ca. 1.24% of the portfolio.
