BluO looking to float Adler

The private equity firm is looking to float 55% of the company. The listing is said to be valued between €120-150m with €30m in primary issuance. Commerzbank has been appointed as sole global coordinator and sole bookrunner and Crédit Agricole CIB will be co-bookrunner.

BluO acquired Adler in 2009 and started work to reposition the company. The product portfolio was refocused to the 45+ age group.

Since then, turnover has increasd by 9.6% from €406m in 2009 to €445m in 2010. EBITDA has risen from €12.5m in 2009 to €37.8m in 2010.

Haibach-based Adler Modemärkte AG is a fashion retailer offering clothes for customers over the age of 45. The company operates shops in Germany, Austria and Luxembourg and was founded in 1948.

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