MILAN (Reuters) - Top managers at Marcolin have started meeting potential suitors while they prepare the Italian eyewear manufacturer for a merger or a sale by renewing a series of key licensing accords, two sources close to the matter said.
Marcolin, which has operations in Italy's eyewear manufacturing district in the country's north east and is famous in the industry for producing Tom Ford eyeglasses, last year secured a perpetual licensing accord with the U.S. brand, now owned by Estee Lauder (NYSE:EL).
Earlier on Friday, Marcolin announced the early renewal of its global agreement to design, manufacture and distribute Max&Co sunglasses and optical frames until 2030.
Earlier this year the company renewed its agreements with fashion brands Zegna, GCDS and Pucci, and signed a new license agreement with luxury shoemaker Christian Louboutin.
The renewals will help the sale process kicked off by Marcolin's fund owner PAI Partners, which has hired Goldman Sachs (NYSE:GS) as an adviser, the sources said.
Marcolin and PAI Partners both declined to comment.
Private equity firm PAI Partners bought Marcolin in 2012 and currently owns 78.5% of the Italian company.
Marcolin reported a 3% increase in revenues, to 422 million euros, in the first nine months last year. Its adjusted core profit rose 28% to 65 million euros. (This story has been refiled to write PAI Partners in upper case throughout)