Permira in €700m SBO of S&B from Ardian

For 2015, the business posted a turnover of €300m, with €55m EBITDA, unquote" understands.

S&B was sold via an auction process run by JP Morgan. The two founding families, Schustermann and Borenstein, continue to keep a minority stake in the business.

During Ardian's tenure, S&B grew through a new store opening in Vienna and the internationalisation of the online business, as well as an acquisition in Switzerland.

Permira plans to improve the company's online offering in order to draw more customers to the homepage. It also aims to implement marketing automation technologies and mobile platforms. Permira also hopes for expansion in Germany and abroad.

Previous funding
Ardian, then known as Axa Private Equity, acquired S&B in a deal that valued the company at $370m (€300m), according to reports. Ardian was the last bidder remaining after Bridgepoint, Cinven and 3i dropped out.

In July 2015, Bremer Kreditbank, DZ Bank, HSH Nordbank, IKB Deutsche Industriebank, ING Bank, Raiffeisen Bank International and UniCredit Bank structured a round of recapitalisation for S&B.

Company
Founded in 1924 and headquartered in Munich, S&B sells designer brands to members through its website BestSecret.com, as well as three stores in Munich and Vienna.

People
Permira – Cheryl Potter (partner, head of consumer); Jörg Rockenhäuser (head of DACH region).
Ardian – Wolfgang Pietzsch (managing director mid-cap buyouts).
S&B – Daniel Schustermann (managing director).

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• Topics
• Buyouts
• DACH
• Consumer
• Germany
• Ardian (formerly Axa PE)
• Permira
• Secondary buyout