European Commission clears acquisition of CBR by funds managed by EQT
24 April 2007
Frankfurt/Munich, 24 April 2007 The European
Commission has cleared EQT V Fund's proposed acquisition of women's
clothing designer CBR Group from funds managed by Apax Partners
("Apax") and Cinven Limited ("Cinven").
The transaction was examined under the EU's 'simplified' merger
review procedure for cases which the Commission believes do not
pose competition concerns.
Apax and Cinven signed an agreement to sell CBR in February
2007, having initially acquired it from its original owners at the
end of 2004. Since the acquisition both firms have actively
supported CBR's management team in the continuation of its rapid
expansion strategy.
Under their ownership, the number of partner stores was
increased to 850 in CBR's core markets, the number of in-store
shops to over 1,500 and the number of multi-label stores to over
5,600. Turnover grew continuously at double digit rates to a
total of more than €600 million in 2006. The investment funds
view this as another example of their constructive and successful
collaboration.
About Apax Partners
Apax Partners is one of the world's leading private equity
investment groups. It operates across the United States,
Europe, and Asia and has more than 30 years of investing
experience. Funds under the advice of Apax Partners total in
excess of €15 billion around the world. These Funds provide
long-term equity financing to build and strengthen world-class
companies. Apax Partners Funds invest in companies across its
global sectors of Tech & Telecom, Retail & Consumer, Media,
Healthcare and Financial & Business Services. Recent Apax
Partners' Funds investments include Tommy Hilfiger, Central
European Media Enterprises, PVH/Calvin Klein, TIM HELLAS, Inmarsat,
Mölnlycke Healthcare, Kabel Deutschland, Intelsat, New Look and
World Directories.
www.apax.com