KKR, Cinven, Permira line up bids for German fashion retailer - sources

SRP Groupe SA

01/09/2016 14:13

FRANKFURT/LONDON, Sept 1 (Reuters) - Private equity 
investors are lining up bids for German fashion retailer 
Schustermann & Borenstein in a potential 700-800 million euros 
($780-$891 million) deal, sources familiar with the matter said. 
    Buyout group Ardian has put the business, which has adjusted 
annual core earnings of 55 million euros, up for sale and has 
asked for tentative bids by September 12, the sources said.  
    Private equity groups KKR  KKR.N , Cinven  CINV.UL , 
Permira PERM.UL , EQT and Advent are expected to hand in offers 
for the business, which may value the company at up to 12-15 
times its expected core earnings, they added.  
    French retail peer SRP Groupe  SRPG.PA  trades at 13 times 
its expected earnings. 
    The seller and the potential bidders either declined to 
comment or were not immediately available for comment. 
    Schustermann & Borenstein specialises in exporting clothing 
to eastern Europe and other non-European Union countries. 
Separately, it sells surplus stock in so-called outlet centres 
and also in an online community called "Best Secret".    
    It has annual sales of roughly 300 million euros. 
    Ardian, which bought Schustermann & Borenstein for about 300 
million euros in 2012, is working with JP Morgan on the sale, 
the people said.  
($1 = 0.8977 euros) 
 
 (Reporting by Pamela Barbaglia, Arno Schuetze and Martinne 
Geller; Editing by Victoria Bryan) 
 ((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters 
Messaging: arno.schuetze.reuters.com@reuters.net)) 
 
Keywords: GERMANY RETAIL/M&A