Karmijn-backed Marlies Dekkers advised by Deloitte on exit

Deloitte is advising the sell side on the deal, said both sources, along with two bankers and an industry executive following the situation.

Karmijn has been basing the sale on an EBITDA figure for the company of around EUR 3m, the first source said. In 2020, Marlies Dekkers generated EUR 12.1m in revenues via its subsidiary Dare To Be Holding, according to Netherlands Chambers of Commerce filings.

Deloitte declined to comment. Karmijn and Marlies Dekkers did not return requests for comment.

Marlies Dekkers is headquartered in Rotterdam. Its offerings include corsets, kimonos and bathing suits. It sells its products via retailers and online through marliesdekkers.com.

Karmijn took a majority shareholding in the then-insolvent company for an undisclosed sum in 2013. The transaction saw the GP pay off Marlies Dekkers' EUR 14.7m in debt.

The fashion company's potential selling points include its improved performance following operational polishing, one banker said. The business has high name recognition, another banker said.

The business could appeal to Waterland Private Equity-backed Dutch sexual wellness company EQOM Group, one executive and a further banker said. A tie-up could help EQOM boost its apparel offering, this banker said. Last year, EQOM acquired Dutch lingerie supplier Christine Le Duc for an undisclosed sum.

Marlies Dekkers could also be a horizontal integration play for The Carlyle Group-backed Dutch industry major Hunkemoeller International, one of the bankers said. However, Marlies Dekkers, as a smaller brand, could hold limited appeal for Hunkemoeller, an industry consultant and another banker said.

Hunkemoeller "has excellent designers, so why buy Marlies Dekkers?" one of the bankers asked.

A sale faces other sticking points, too, several sources agreed, citing the company's past travails, its Dutch focus potentially limiting internationalisation, and the observation that other lingerie players have long adopted aspects of Marlies Dekkers' style.

Waterland declined to comment. Hunkemoeller, EQOM and Carlyle did not respond to requests for comment.

Reporting by Benaiah Moses, Tjeerd Wiersma, Barbara Pianese and Josh O'Neill.

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• Topics
• Exits
• Benelux
• Consumer
• Carlyle Group
• Deloitte
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• Waterland Private Equity
• Karmijn Kapitaal
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