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Park Square leads mezzanine financing for Advent’s Douglas buyout

22 Oct 2012

Park Square Capital, a provider of credit products in Europe, has led a mezzanine investment as part of Advent International’s buyout offer for Douglas Holding.

Partners Group also acted as mandated lead arranger on the mezzanine debt financing for the deal.

Beauty Holding Three, a holding company, which is held indirectly through funds advised by Advent, recently announced the decision to make a voluntary public takeover offer in an approach supported by Douglas’ founding family Kreke, valuing the company at €1.5bn.

Robin Doumar, managing partner, Park Square, said, “This transaction provides a compelling opportunity to invest in the buyout of some of Germany’s best known brands with a nationwide and international network. With its experienced management team the Douglas group is well positioned to further continue its success story in partnership with Advent International. We are delighted to provide a mezzanine solution to this large and complex transaction.”

With annual sales of more than €3bn, the Douglas Group’s five retail divisions – Douglas perfumeries, Thalia bookstores, Christ jewelry stores, AppelrathCüpper fashion stores and Hussel confectioneries employ more than 24,000 employees across 1,900 specialty stores.

René Biner, partner and head private finance at Partners Group, said, “Driven by a strong management team and its market leadership in Germany, Douglas’ German core business showed strong resilience during the downturn. We are very pleased to be backing a public takeover offer of Beauty Holding Three, which is held indirectly through funds advised by Advent International, with mezzanine financing on behalf of our clients. We have known Advent International for many years, have worked with them on several occasions and have high respect for their proven expertise in the retail segment.”

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