AXA Private Equity buys Schustermann & Borenstein

0
19

The private equity arm of French insurance giant AXA has bought a controlling stake in Schustermann & Borenstein, a buyout that is reported to value the formerly family-owned German fashion retailer at around €300m.

The company is also understood to have attracted bids from Bridgepoint, Cinven and 3i.

In addition to two fashion stores in Munich, Schustermann & Borenstein also owns the online shopping community BestSecret.com.

The group generated sales of € 153m in 2010 and a net profit of €17m.

The family shareholders will retain a significant stake in the company and will also continue to be in charge of business operations.

Goldman Sachs advised Schustermann & Borenstein on the deal, while MacQuarie advised AXA Private Equity.

Copyright © 2012 AltAssets