The private equity arm of French insurance giant AXA is reported to be nearing a deal to buy a controlling stake in Schustermann & Borenstein, a buyout that would value the family-owned German clothing exporter at around €300m.
The company, which specialises in exporting clothing to eastern Europe and other non-European Union countries, is reported to have attracted bids from Bridgepoint, Cinven and 3i, Reuters reported.
Schustermann & Borenstein generated sales of € 153m in 2010 and a net profit of €17m.
The company is being advised by Goldman Sachs. MacQuarie is advising AXA Private Equity.
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