EQT IV has signed today an agreement with an affiliate of Sun European Partners, LLP (“Sun European Partners”), the European advisor to Sun Capital Partners, Inc., to sell BTX Group (“the Company” or “BTX”).
BTX is a wholesaler comprised of five brands: Brandtex, Jensen Women, Signature, Imitz and Ciso, all of which have their own identity, addressing various sub-segments of the mature womenswear market. During EQT IV’s ownership period, BTX has been through a significant transformation. Being initially a traditional manufacturing and wholesale company, the Company is today a focused clothing business, targeting the classic mature woman, and having a clear retail-focus, including more than 120 shop-in-shops solutions with its broad network of retail partners.
While under EQT IV’s ownership, the Company has taken important steps to streamline its operations and create a coherent portfolio of brands, additional potential exists for BTX to further expand its footprint beyond its core Scandinavian market.
“The management team and the employees have done a tremendous job. BTX has continued to strengthen its position in its core markets and is today well positioned for growth”, says Åsa Riisberg, partner at EQT Partners AB, investment advisor to EQT IV.
“BTX is today a focused niche player in the mature women’s apparel segment, where the group enjoys a strong market position. This is built on the expertise and know-how of our committed employees, and on traditions that trace back to the establishment of the Brandtex brand in 1935. We are currently working on increasing our store presence and improving our product offering to our customers. We look forward to continuing the Company’s ongoing efforts to optimize its offering under the new ownership of Sun European Partners and benefit from their operational resources”, says Jesper Roe, CEO of BTX Group.
“BTX is a distinct Danish apparel company with a loyal customer base and a well-diversified portfolio of brands. We look forward to supporting management in further strengthening the Company’s market presence across Northern Europe”, says Benjamin Buerstedde, Vice President at Sun European Partners.
The parties have agreed not to disclose the transaction value. The transaction is subject to customary closing conditions.
EQT IV was advised by Carnegie and Plesner. Sun European Partners was advised by Ernst & Young and Horten.
Johan Hähnel, EQT IV Spokesperson, +46 8 506 55 334
Jesper Roe, CEO, BTX Group, +45 20 11 13 76
EQT is the leading private equity group in Northern Europe with approximately EUR 20 billion in raised capital and multiple investment strategies. Together with an extensive network of independent Industrial Advisors, EQT implements its investment strategy by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, supporting their development into leading companies. Development is achieved by an industrial strategy with focus on growth. Since inception, EQT has invested more than EUR 11 billion in around 100 companies and exited close to 50. EQT-owned companies have more than 550,000 employees.
EQT Partners, acting as Investment Advisor to the managers of each EQT fund, has around 120 investment professionals with an extensive industrial and financial competence. EQT Partners and its affiliates have offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.
More information can be found on www.eqt.se
About BTX Group
BTX Group is a leading fashion clothing company in the value-for-money segment, targeting the classic female through the brands Brandtex, Jensen Women, Signature, Imitz and Ciso. The company has a leading position on the Scandinavian markets, as well as strong positions in a number of markets in Northern Europe.
About Sun European Partners, LLPSun European Partners, LLP is the European adviser to Sun Capital Partners, Inc., a leading U.S.–based private investment firm focused on leveraged buyouts, equity, debt, and other investments in market–leading companies that can benefit from its in–house operating professionals and experience. Affiliates of Sun Capital Partners, Inc. have invested in over 315 companies worldwide with combined sales in excess of EUR 35 billion since the inception of Sun Capital Partners, Inc. in the U.S. in 1995. Sun Capital Partners, Inc. has offices in Boca Raton, Los Angeles, and New York, as well as affiliates in London, Frankfurt, Paris, Luxembourg, Shanghai and Shenzhen. Sun Capital Partners, Inc. has significant retail and branded retail experience and counts among its affiliated portfolio companies a number of other leading businesses including; Bonmarché, one of the UK’s largest women’s only value retailer; Jacques Vert Group Limited, a UK womenswear clothing retailer, and Scotch & Soda, a designer, marketer, wholesaler and retailer of contemporary casual apparel.