Bain now controls the majority of the capital of Maisons du Monde, while CEO and founder Xavier Marie will remain a “substantial shareholder” alongside the management team.
In June Bain was said to have signed an exclusivity agreement to buy the company, after lining up an offer of close to €700m including debt.
“Over the course of the last five years we have focused on backing Maisons du Monde’s growth strategy in France and abroad. The result is a very positive one, as the company’s sales revenue has almost doubled to €500m driven by the opening of 51 new points of sale. Maisons du Monde’s positioning is unique and it is very well placed to begin the next stage in its development”, said Robert Daussun, CEO of LBO France.
“Bain Capital has a long history in the retailing sector in many countries, especially in supporting the development of high potential brands and their store networks abroad. We are also pleased to have been able to put this operation together in a difficult LBO financing market, which is proof of the confidence which Maisons du Monde’s and Bain Capital’s teams enjoy in the financial market”, added Michel Plantevin, managing director at Bain Capital.
Copyright © 2013 AltAssets