Carlyle snaps up six home shopping sell-offs
The Carlyle Group has become the latest firm to take over the businesses of bankrupt German retail holding company Arcandor.
The private equity giant has acquired six Arcandor companies, all with a mail order component and some entirely online: Versandhaus Walz, Planet Sports, Bon’A Parte, Elégance, Mirabeau and 50 per cent of Vertbaudet Germany.
Versandhaus Walz includes the baby goods retailer BabyWalz, with 80 stores, and home accessory mail order service Die Moderne Hausfrau.
Bon’A Parte is a Danish mail order clothing business, while Planet Sports sells board sports goods and streetwear online and through two German stores.
Elégance is a female clothing chain with 40 stores, and Mirabeau is a mail order furniture service, while Vertbaudet Germany is a joint venture with the French RedCats Group, selling children’s clothing.
“Due to its multi-channel platform and strong niche positions in the highly resilient specialty home shopping sector, the Group has strong long-term prospects,” said Gregor Boehm, managing director of Carlyle Europe.
Equity for the deal comes from the $5.4bn Carlyle Europe Partners III (CEP III) fund. This is the fifth investment in 2010 for CEP III following hotel chain B&B Hotel Group, manufacturer Giannoni, nutritional supplements business NBTY and infrastructure solutions provider Commscope expected to close in the first quarter of 2011).
Arcandor, formerly known as KarstadtQuelle, filed for bankruptcy in 2009 and has seen its best known brands, including department store chain Karstadt and travel agent Thomas Cook, sold off or surrendered to creditors.
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