European Commission clears acquisition of CBR by funds managed by EQT
24th April 2007Apax The European Commission has cleared EQT V Fund's proposed acquisition of women's clothing designer CBR Group from funds managed by Apax Partners and Cinven
The European Commission has cleared EQT V Fund's proposed acquisition of women's clothing designer CBR Group from funds managed by Apax Partners and Cinven Limited.
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.