Change Capital exits Hallhuber in trade sale

Change Capital Partners acquired Hallhuber from Italy-based Stefanel for €25m plus a €4m conditional earn-out in 2009. The transaction marked the first acquisition made by Change Capital out of its second fund, CCP II.

Since then, sales have doubled while profits trebled, according to the vendor. Under Change Capital's ownership, Hallhuber underwent a change of management team; the company's retail network also grew from 100 points of sale to 219 outlets.

The GP stated that Hallhuber was at the time of the 2009 buyout an "undermanaged brand that was under-invested and performing below its full potential," adding that it saw an opportunity to transform the business through restructuring its existing operations, expanding its store network and launching an e-commerce platform.

Company
Founded in 1977, Hallhuber is a womenswear brand based in Munich. The company sells its products in 219 shops in Germany, Austria, Belgium, the UK, Switzerland and the Netherlands. It also has an online presence in Germany, Austria, France, Switzerland and the UK. Turnover reached €109m in 2013, compared with €58m at the time of the 2009 buyout.

People
Stephan Lobmeyr worked on the deal for Change Capital Partners.

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• Topics
• Exits
• DACH
• Consumer
• Trade sale
• Change Capital Partners
• Germany