KKR in exclusive talks to buy French fashion brands Maje, Sandro and Claudie Pierlot
01 Apr 2013
Private equity firm KKR is in exclusive talks to buy a majority stake in French fashion brands Maje, Sandro and Claudie Pierlot, Reuters reported over the weekend, citing a source familiar with the transaction.
The acquisition of the brands would give them an enterprise value of €650 million, the report said.
Reuters said that L Capital is selling its 25-per cent stake, but it is not immediately clear who else is also selling part of their stake to KKR.
Judith Milgrom and Evelyne Chetrite, founders of Maje, Sandro and Claudie Pierlo hold 49 per cent in the fashion brands, while the CEO of French luxury goods LVMH Bernard Arnault's L Capital and investment fund Florac together hold a controlling 51 per cent.
In October 2012, L Capital had hired JP Morgan to sell its stake and the auction had attracted private equity firms including Carlyle Group PAI Partners, CVC Capital Partners, Eurazeo and Wendel.
Sandro, Maje and Claudie Pierlot operate 550 stores in France, the UK, Italy, Spain, Germany, the US and Japan, and had a turnover of around €350 million in 2012.