Garnero Group plans private placement of up to $100 million of shares

Deal in connection with Grupo Colombo merger

By Wendy Van Sickle

Columbus, Ohio Aug. 27 – Garnero Group Acquisition Co. plans a private placement of up to $100 million of new shares, according to filings with the Securities and Exchange Commission.

Garnero has hired a syndicate of “global investment banks” to place the shares.

The private placement is in connection with a transaction expected to close by year’s end that will merge Garnero with Grupo Colombo.

Grupo Colombo shareholders have committed to purchasing $30 million of Garnero Group shares in the public market or through the private placement.

Garnero Group was formed in the Cayman Islands for the purpose of acquiring one or more businesses or entities. Grupo Colombo is a retailer of men’s shirts and suits based in Sao Paulo, Brazil.

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