Carlyle to sell Hunkemöller to Parcom, Opportunity

Carlyle, which held a majority stake in the Netherlands-based lingerie retailer, will reinvest with a minority stake.

The new capital will accelerate the company's omni-channel growth strategy, according to a press release. Hunkemöller will invest in technology and introduce its loyalty programmes in new markets with the aim of improving online operations. It is also planning to expand its offering via third-party channels with new and existing partners like Asos and Zalando.

Under Carlyle's ownership the company expanded its footprint by converting stores into omni-channel fulfilment centres. It created a new segment that focused on increasing online sale through third-party channels. This enabled the business to grow its brand presence outside of its existing markets and resulted in total sales growth to an expected EUR 690m in 2022 from EUR 400m in 2016.

Both Carlyle and Hunkemöller said in the press release that the business had thrived despite challenges presented by the COVID-19 pandemic.

Parcom Fund VI held a final close at its hard-cap of EUR 775m in April 2020. The generalist vehicle deploys tickets in the range of EUR 30m-EUR 70m in mid-market companies based in the Netherlands with a holding period of five years, according to Unquote Data.

Opportunity Partners is the investment company of Dutch entrepreneur Robert van der Wallen, who is an experienced founder and owner of businesses that provide loyalty programmes to food retailers globally, according to a press release.

Previous funding
Hunkemöller has been the hand of other financial sponsors in the past. In November 2010, PAI Partners acquired the company in a carve-out from Maxeda.

Carlyle bought the business in 2016 for an estimated EUR 440m, in a sale process led by JP Morgan and which drew interest from other private equity firms. Carlyle deployed equity from its Carlyle Europe Partners IV Fund; the deal came five months after the vehicle closed on its EUR 3.75bn hard-cap.

Mergermarket reported in October that JPMorgan and ING were running a sale process for Hunkemöller, marketing the company off EUR 90m-EUR 95m in EBITDA and angling for a 10x to 12x EBITDA valuation.

Back in 2018, the company was expected to explore an IPO, as reported.

Company
Hunkemöller was founded in 1886 and is a global lingerie, swimwear, and loungewear retailer based in Amsterdam. The company has its own in-house design team and sells its products via physical stores, online, and through third party marketplaces. 

People
Hunkemöller - Philip Mountford (CEO).
Carlyle Europe - Massimiliano Caraffa (managing director of the consumer & retail division).
Parcom - Gijs Vuursteen (managing partner).

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• Topics
• Buyouts
• Benelux
• Consumer
• Carlyle Group
• Netherlands