EQT acquires German fashion group CBR
EQT V has signed an agreement with funds advised by Apax and Cinven to acquire 100% of the German fashion group CBR Holding GmbH (CBR).
CBR is one of the fastest growing women’s clothing companies in Europe with a network of 850 store partners, which operate free standing stores, more than 1,500 shops-in-shops (for example in large department stores), and 5,600 multi label partners, which sell CBR products together with other brands. CBR’s three brands, Street One, Cecil and One Touch, generated sales of over € 600 million in 2006 (+9.5% compared to 2005) and the company has more than 500 employees. CBR services its customers with 12 collections per year and delivers superior speed from product design to points of sale, giving a high level of design security.
Sumeet Gulati, Partner at EQT Partners, comments: “CBR fits in well with EQT V’s strategy to invest in companies of high quality and with substantial growth and development potential. CBR is a market leader and we will assist the company to further develop its position in the future. We are committed to supporting CBR's strategy, investing in growth, new products, geographical expansion and a strengthened market leadership to realize CBR’s full potential.”
The EQT equity funds have a strong track record of fostering growth and value creation in the companies they own. Over the past 12 years the funds have invested in 43 companies in Europe, resulting in an annual average increase in sales and number of employees of 11% during the EQT funds’ ownership period.
Hugo Reissner, CEO of Street One comments: “The management is very satisfied that EQT, with its industrial approach, has chosen to acquire CBR and is planning to support the growth of the company further. The high willingness of EQT to invest will enable us to extend our leadership and to further develop the current strategy for growth. By having clear governance and support from one owner we will be able to expand our successful business model going forward.”
The acquisition is subject to approval from relevant competition authorities.
Dr. Sumeet Gulati, Partner,
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