FOR IMMEDIATE RELEASE
JH Partners Forms Coraline Spa To Acquire Frette
Women's Wear Daily Copyright 2004 Fairchild Publications, Inc. All Rights Reserved
SAN FRANCISCO - December 20, 2004 -- Financially troubled Italian Public company Fin.part has finalized a deal to lease out and sell home linen business Frette. Fin.part said it will lease Frette's assets to Coraline SpA, a special-purpose vehicle controlled by U.S. private equity fund JH Partners LLC. Financial terms were not disclosed. Coraline, which will work to develop Frette's business, also will have an option to buy the linens manufacturer. Enrico Marinelli, who was chief executive officer of Frette between 1997 and 1999, will become CEO of Coraline and therefore the executive running Frette.
