AXA PE buys Schustermann & Borenstein

AXA Private Equity is said to be have been the last remaining bidder after Bridgepoint, Cinven and 3i dropped out of the race. The family shareholders retained a significant stake in the business and will continue to head business operations.

Debt
Debt was provided by DZ Bank and a consortium comprising HSH Nordbank, IKB Deutsche Industriebank, KBC Bank Deutschland and Raiffeisen Bank International.

Company
Schustermann & Borenstein specialises in exporting clothes to Eastern Europe and other EU countries. It also runs outlet centres and trades via the online platform Best Secret.

The company was founded in 1923 through the merger of regional textile wholesalers Hermann Schustermann and JB Borenstein. It is based in Munich and has a further outlet in Dornach.

The business posted a €153m turnover in 2010 with a net profit of €17m, according to reports.

People
Wolfgang Pietzsch is managing director at AXA Private Equity. Daniel Schustermann is managing partner of the company and Daniel Borenstein is managing director.

Advisers
Equity – Macquarie (Corporate finance), Latham & Watkins, Christina Ungeheuer, Alexander Lentz, Tim Greenawalt (Legal); Kirkland & Ellis, Volker Kullmann (Legal).
Debt - Ashurst, Anne Grewlich, Cora Grannemann, Derk Opitz, Denis Sattler (Legal); Fabian von Samson-Himmelstjerna (Legal); Klaus Herkenroth (Tax).
Company – Goldman Sachs (Corporate finance).

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• Topics
• Buyouts
• DACH
• Consumer
• Axa Private Equity
• Germany
• Macquarie Group
• Goldman Sachs
• Latham & Watkins
• Ashurst