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Advent-backed Charlotte Russe eyes 2014 IPO

24 Oct 2013

russePrivate equity firm Advent International is reportedly preparing to float women’s apparel and accessories retailer Charlotte Russe.

The company is in talks with banks about an IPO that could take place next year, said Reuters, citing two people familiar with the matter. Advent acquired Charlotte, which currently operates 500 stores across the US, in a $380m take-private deal in 2009.

During Advent’s ownership, the company has seen its EBITDA more than double to nearly $70m. Moody’s Investors Service estimates that it currently has annual revenues of $856m.

The report noted that retail stocks have done very well so far in 2013 with the Standard & Poor’s Retail index up 32 per cent compared with a 23 per cent climb in the S&P 500.

Earlier this month Bain Capital floated clothing retailer Burlington Stores at $17 per share, which was ahead of its previously stated range of $14 to $16.

The company has done very well since the IPO and is currently trading at $25.75 per share.

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