Gimv to exit Wolf Lingerie in Vulcain-led auction

Corporate finance adviser Vulcain is leading the auction, and first-round offers have already been submitted, one of the sources said, adding that a number of parties are now in the due diligence phase. The company generates around EUR 7m in EBITDA, two of the sources said.

The lingerie segment is not an easy sector, one of the sources said, while another source indicated that Wolf is focused on the growing plus-size segment, which has been benefiting from "body positive" trends, he added.

Wolf has delivered high single-digit revenue growth rates over the past few years, one of the sources said. The underwear company is active across several channels such as food retail, its own online shop, and marketplaces such as Zalando and Amazon.

Gimv and Alsace Capital acquired Wolf from Cathay Capital and EPF Partners in 2014. The two firms acquired a majority stake in Wolf, while Cathay and EPF fully exited the business through the transaction.

Wolf was created in 1947 in Alsace, near Strasbourg. Its brands are Sans Complexe, which offers plus-size lingerie, and Billet Doux.

Vulcain declined to comment. Gimv and Wolf Lingerie did not respond to requests for comment.

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