Change Capital exits Paule Ka

Following the transaction, Change Capital will retain a minority stake in the business.

The deal comes six years after the GP first invested in Paule Ka, during which period the company increased its number of fully owned stores from eight to 13 and expanded into the US market.

The GP is invested in Paule Ka via its second fund CCPII, which closed on £200m in 2009, according to unquote" data.

According to a report by Reuters, the business now generates a turnover of close to €50m, up from €40m in the year prior to Change Capital's investment.

Previous funding
CDC Entreprises invested an undisclosed amount of growth capital in Paule Ka in 2007 through its FCPR Patrimoine et Création fund. The vehicle typically invested between €1-4m.

Change Capital then acquired a majority stake in the business for an undisclosed amount in July 2011. The Cajfinger family, a founding shareholder in Paule Ka, reinvested as part of the deal to secure approximately 30% of the company.

Company
Founded in 1987, Paris-headquartered Paule Ka designs and distributes a range of luxury fashion goods for women. Its products are sold through 13 fully owned retail stores in France, the UK, Belgium and the US. Other distribution channels include agents and franchises, concessions in department stores and wholesale accounts.

People
Change Capital Partners – Luc Vandevelde (founder, chairperson).
Paule Ka – Serge Cajfinger (founder).

Advisers
Vendor – Alantra, Franck Portais, Franck Noat, Nicolas Vienot, Basile Paul-Petit, Mathieu Theuret (M&A).

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