Bridgepoint acquires Smyk for €247m

Bridgepoint invested via its fifth fund, which closed on €4bn in March 2015.

Bank debt for the deal was supplied by Pekao. As part of the deal, Cornerstone Partners of Poland has taken a minority stake in the company.

Following the deal, Bridgepoint aims to support Smyk's growth through further store roll-outs, boosting its multichannel offering and expanding its franchise and wholesale operations.

According to Bridgepoint, the children's products market in CEE is expected to grow by 5% per year.

Company
Founded in 1952, Smyk is a retailer focused on children's clothing, toys and accessories, operating 125 stores in Poland. The company also has a presence in Romania, Russia, Ukraine and Germany. Smyk also offers online retail, with 12% of its sales currently generated through this channel.

For 2015, the company expects to generate revenues of PLN 1.45bn (€323.8m).

People
Bridgepoint – Khai Tan (partner).
Empik Media & Fashion – Krzysztof Rabiański (CEO).

Advisers
Equity – Weil Gotshal & Manges (Legal); PwC (Financial due diligence, tax); OC&C (Commercial due diligence); Environ (Environmental due diligence); CEE CG (Management due diligence); Marsh (Insurance due diligence); Colliers (Real estate due diligence).
Vendor – JP Morgan (M&A); Clifford Chance (Legal); PwC (Commercial due diligence); EY (Financial due diligence, tax).
Management – Jamieson Corporate Finance (Corporate finance); Travers Smith (Legal).

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• Topics
• Buyouts
• CEE
• Consumer
• Bridgepoint