Carlyle to explore sale options for Hunkemöller – report

The report stated that the GP has mandated JP Morgan for the process, although no final decision has been made as to whether Carlyle will eventually sell the business.

Carlyle acquired Hunkemöller in an SBO from PAI Partners in December 2015, deploying equity via Carlyle Europe Partners IV, which held a final close in July 2015 on its €3.75bn hard-cap. According to Unquote sister publication Debtwire, ABN Amro, ING, Natixis, Societe Generale and Rabobank provided €225m senior debt package, €20m RCF and €30m Capex Facility to support the transaction.

PAI had acquired the business in a carve-out in 2011 and scored returns of 2.3x on the deal, which was valued at around €440m.

Dutch publication De Telegraaf reported in September 2020 that Hunkemöller was in talks with creditors with the aim of arranging more lenient conditions for its €371m of debt, following a significant impact on its revenues arising from coronavirus lockdowns.

Unquote sister publication Mergermarket previously reported in March 2018 that Carlyle had hired JP Morgan and Morgan Stanley for a potential IPO of Hunkemöller, with the listing expected to take place in May or June 2018 on the Euronext Amsterdam. However, the public offering did not materialise.

Hilversum-headquartered Hunkemöller operates 900 stores across Europe, according to its website, but its core market is the Benelux region. The retailer also has sites in countries including India and Morocco. It also sells its products online. It reported EBITDA of €50m and employed 2,700 staff at the time of its acquisition by Carlyle.

Carlyle declined to comment.

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• Carlyle Group
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