PAI scores 2.3x on Hunkemöller exit to Carlyle

The transaction, expected to go through in Q1 2016, will see Carlyle deploy equity from its Carlyle Europe Partners IV fund; the deal comes five months after the upper-mid-market vehicle closed on its €3.75bn hard-cap.

Carlyle's success in acquiring Hunkemöller comes months after the firm's name was mentioned in the press as one of the leading bidders for the company.

According to Reuters, the process was a highly contested one, with private equity names such as CVC, Apax and Sycamore Partners competing for Hunkemöller. Earlier reports put the asset's enterprise value around the €440m mark.

Previous funding
The takeover saw PAI exit the majority stake it had owned since a buyout in January 2011. The GP invested via its €5.4bn fifth buyout fund to carve out the asset from Maxeda Retail Group, a Dutch parent owned at the time by KKR, Cinven, Alpinvest and Permira.

The deal, understood to be valued in the €200-250m range, was supported by a €113.75m senior facility from ABN Amro, ING, Rabobank, NIBC and Friesland Bank, and an additional €35m in mezzanine from Sankaty Advisors.

Company
Founded in 1886, Hunkemöller is a high-street lingerie retailer. Headquartered in Hilversum, the business is mainly active in the Benelux region but operates a 700-strong store network across France, Germany, Spain, Denmark, Saudi Arabia, Russia and Morocco, among others.

The company is understood to have most recently generated €50m in EBITDA; its current headcount sits at 2,700 employees.

People
Carlyle's work on the deal was coordinated by Marco de Benedetti, managing director at the firm and co-head of its Europe Partners arm. PAI was represented by partner Mirko Meyer-Schönherr. Philip Mountford is Hunkemöller's current CEO.

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• Topics
• Buyouts
• Benelux
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• Netherlands
• PAI Partners
• Carlyle Group