Apax Partners and Cinven sell fashion group CBR to EQT
22 February 2007
Frankfurt / Munich, 22
February 2007 Apax Partners ("Apax") and
Cinven Limited ("Cinven") today announce that they have signed an
agreement to sell German fashion group CBR ("CBR") - in which they
are equal shareholders - to EQT V. CBR is one
of the leading fashion companies in Germany, with brands including
Street One, Cecil and One Touch. The
transaction is subject to the approval of the relevant competition
authorities.
CBR was acquired from its original founders by Cinven and
Apax 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.
Christian Dosch, Partner at Cinven, said: "Our growth
strategy for CBR has delivered real value. We have expanded the
business and enhanced its internal structures.
CBR has now established a much stronger competitive position which
is opening up further growth opportunities. CBR has been an
extremely successful investment for us and we wish the company, its
management and staff continued growth in the future."
Christian Näther, Managing Partner at Apax added:
"Vertical integration, an extremely fast time-to-market process and
a strong focus on close cooperation with partners have all
contributed to the success of this investment. We thank the CBR
management team for their contribution throughout our ownership and
wish them continued success going forward."
CBR is one of the leading international companies in the
fashion sector. With its successful business model, CBR produces
twelve collections a year for each label, offering its retail
partners the greatest possible speed of turnover and response
capability.
Further
information
About Apax
Partners
Apax Partners is one of the
world's leading private equity investment
groups. It operates across the United States,
Europe, Israel 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
About
Cinven
Cinven is one of the most prominent and
successful investors in the European buy-out market. It has led
transactions with a value in excess of €60 billion.
From its offices in Frankfurt, London, Milan and Paris,
Cinven focuses exclusively on creating value in companies
headquartered in Europe, which have a minimum enterprise value of
€500 million and are market leaders or have the potential to become
such.
Established in 1977, the firm has been a totally
independent business since 1995. The fourth Cinven fund, which
closed at €6.5 billion in June 2006, is to date the largest source
of private equity capital dedicated solely to European
buy-outs.
Cinven's recent investments include
Phadia [€1.2 billion], Avio [€2.5 billion], Kabelcom [€2.6billion],
Casema/MultiKabel [€2.85 billion] and Ahlsell (€1.2
billion). Recent exits include United
Biscuits [€2.4 billion] and MediMedia [€1.1 billion].
Cinven Limited is authorised and regulated by the
Financial Services Authority. www.cinven.com
Contact
Apax
Partners
Ira Wülfing
IRA WÜLFING KOMMUNIKATION
T: +49 89 2000 30 33
E: ira@wuelfing-kommunikation.de
Cinven
Markus Breidenstein
A&B Financial Dynamics GmbH
T: +49 69 9203 7115
E: M.Breidenstein@abfd.de