CVC plans IPO of German cosmetics retailer Douglas - sources

Rothschild & Co SCA

09/08/2023 13:06

DUESSELDORF/LONDON, Aug 9 (Reuters) - CVC Capital
Partners is exploring a potential stock market listing of German
perfume and cosmetics retailer Douglas, people familiar with the
matter told Reuters on Wednesday.
    The private equity house is working with advisers at
Rothschild & Co to prepare the initial public offering (IPO),
which could happen as early as next year, said the people,
asking not to be identified because the discussions are private.
    The potential IPO could value Douglas at up to 7 billion
euros ($7.68 billion), one of them said.
    The news comes as IPO markets in Europe and the United
States are starting to warm up after a long drought caused by
the impact of rocketing interest rates and Russia's invasion of
Ukraine.
    German companies are gearing up for a revival in stock
offerings, with medical glassmaker Schott Pharma, road payments
group DKV Mobility, midsize lender OLB Bank and defence
contractor Renk all eyeing market debuts in the latter part of
the year.
    Some have set their sights overseas, such as sandal maker
Birkenstock, which is planning to list in New York.
    CVC acquired Douglas in 2015 from rival buyout firm Advent
International in a deal worth almost 3 billion euros at the
time.
    Reuters reported in early 2020 that the private equity house
was exploring a sale or IPO of the beauty group, but the plans
never materialised as COVID-19 spread across the world.
    Bloomberg was first to report on CVC's plans for Douglas
earlier on Wednesday.

($1 = 0.9110 euros)

 (Reporting by Matthias Inverardi in Duesseldorf and Pablo Mayo
Cerqueiro in London; Editing by Elisa Martinuzzi and Jane
Merriman)
 ((Pablo.MayoCerqueiro@thomsonreuters.com;))