Apax advised by UBS on Wehkamp exit

Teasers have circulated, one source and a sector banker following the situation said.

Mergermarket earlier reported that Wehkamp was tipped to hit the market in H2 2021.

Wehkamp retails non-food items, including fashion, electronics and garden products. In May, the company announced it had posted EUR 766m in revenues in the financial year ending in March. Apax has owned Wehkamp since 2015, when it backed a buyout from IK Investment Partners for an estimated EUR 450m.

Apax, Wehkamp and UBS declined to comment.

The timing for an exit is opportune, the first source and a second banker said. The hiving-off of its consumer credit arm Tinka makes Wehkamp a more straightforward proposition, the second banker said.

On 28 June, Wehkamp announced Tinka – formerly Lacent – would henceforth operate independently, freeing it to cater to other retailers. Mergermarket previously reported that the unclear division in cashflow between the two arms was a stumbling block to a valuation.

Furthermore, with Covid-19 boosting online shopping, the e-commerce industry is performing well, a third banker said.

Potential stumbling blocks include uncertainty over Wehkamp's ability to sustain its performance post-pandemic, the third banker said. In addition, while the company is being strengthened operationally, it could yet require more polishing, a fourth banker said. Wehkamp is "not yet there", he said.

Wehkamp is headquartered in Zwolle, in the Overijssel province of the Netherlands.

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• Exits
• Benelux
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• Apax Partners