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Private equity firms circle German budget fashion retailer Takko

17 Nov 2010

At least four private equity firms are readying first round bids for German budget fashion retailer Takko, according to reports.

Apax Partners, Bain Capital, EQT and TPG are all reportedly finalising bids for the Advent International-owned business, which could change hands for around €1.25bn. An IPO is another avenue the firm is said to be considering.

German consumers have flocked to the low-cost clothing retailer during the downturn, swelling its earnings for the year to April to €900m, a jump of 28 per cent from when Advent picked it up in 2007 for €770m.

Of Takko’s 1,400 stores, 950 are based in Germany and in the last eight years discount fashion retailers have doubled their market share in the country to around 12 per cent.

Advent is experienced in the recession-resistant discount sector, having bought and subsequently sold UK store chain Poundland for £200m (€243.6m) in May. The buy-out house also acquired Charlotte Russe for $380m (€296.5m) last August and Mexico’s Controladora Milano for $200m (€156m) in 2006.

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