The Carlyle Group has completed its acquisition of a 48% stake in high-end sportswear maker Moncler Group, in a deal which values the Italian company at EUR408m (US$548m).

The deal was done through consortium company Fuori dal Sacco, which acquired 100% of Moncler SpA for EUR408m.

Fuori dal Sacco is 48% owned by the US private equity firm.

Other partners include Ruffini Partecipazioni, owned by Moncler chairman Remo Ruffini, with a 38% stake, Brands Partners 2 with 13.5% and the company's management with 0.5%.

Ruffini will continue to lead the company, a role he took on in 2003 before seeing double-digit turnover increases in the past three years.

The EUR408m acquisition price is subject to adjustment based on Moncler's results to the end of 2008. It has received regulatory approval.

Fuori dal Sacco secured EUR140m in funding from a group of banks to fund the deal. As a result, Mittel Private Equity, which previously held 35% of Moncler, will book a capital gain of EUR111.4m.