Credit Suisse First Boston (CSFB) has come to the rescue of Safilo, the Italian eyewear manufacturer taken private last year, by arranging a refinancing package of its existing debt and advising it to sell a stake to CSFB Private Equity.

CSFB Private Equity has paid €270m ($277m) for a large minority stake in the profit-making company, which has an estimated enterprise value of between €1bn and €2bn.