Sun European halts sale of DBApparel

Ellie Pullen
29 May 2013

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Sun European Partners has abandoned the attempted sale of DBApparel, the parent company of French underwear retailer Dim, due to a lack of sufficient offers for the business, according to French media.

The offers that have been received for DBApparel apparently do not reflect the value and potential of the business, local reports cite.

According to local media, the firm began the sale process last June by hiring Morgan Stanley to find a buyer. Sun European was originally presenting the company with a €600m price tag, understood to be 10x EBITDA.

The sale had attracted around a dozen interested parties, though only two were reportedly still in the running to buy the business last December, both of which then dropped out.

Sun European originally bought the clothing company in February 2006 for an undisclosed sum. It was acquired by the GP from US consumer goods company Sara Lee Corporation, according to unquote" data.

The company manufactures and sells well-known brands such as Playtex, Wonderbra and Dim, and employs approximately 7,800 staff. DBApparel's operating profit has reportedly increased sixfold to €60m since Sun European's takeover and restructure.