HgCapital holds back on sale for German Smurf toy maker Schleich


schleich_smurfEuropean private equity group HgCapital has put the previously reported sale German Smurf toymaker Schleich on hold, Reuters has reported.

The toy-maker, which makes plastic figures including dinosaurs, knights and farm animals, could be auctioned off at the beginning of next year, according to Reuters.

It said the firm had been aiming for an exit price of near to €200m, though bids had been closer to €160m.

Schleich had an enterprise value of about €165m when HgCapital picked it up in December 2006, and had EBITDA of about €23m in 2011.

HgCapital says on its website it could target several multinational toy-makers, a sale to another buyout firm or an IPO, noting the success of recent German public listings of Kabel Deutschland, Brenntag and Tom Tailor.

The firm said Schleich’s range was attractive to retailers because of its low-seasonality, high sales and attractive margins.

HgCapital had previously hired Goldman Sachs to explore a potential sale.

Last month the firm closed its latest private equity fund, HgCapital 7, on £2bn.

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