Star Platinum Capital invests in Naf Naf carve-out

La Chapelle bought a 40% stake, while Star Platinum and East Links acquired a 30% stake each.

The transaction represents La Chapelle's first international acquisition.

La Chapelle, founded in 1998 and headquartered in Shanghai, designs and distributes casual womenswear. It operates 9,500 shops, exclusively located in China, and employs 37,500 people. In 2017, La Chapelle had a turnover of approximately €1.2bn.

Launched in March 2014, Star Platinum Capital is a private equity fund focused on Chinese investments. East Links International, created in 2011, provides Chinese companies with consulting, financing, investment and research services of targets abroad.

Vivarte is a French clothing retailer with nine brands, generating a turnover of €1.8bn in 2017. Charterhouse acquired a majority stake in the secondary buyout of the business in 2006 in a transaction worth around €3.5bn. Following the deal, previous investors PAI Partners and Sagard realised their entire stakes. In July 2014, Alcentra, Babson Capital Management, Oaktree Capital Group and Goldentree Asset Management took over a stake in Vivarte from Charterhouse as the company underwent a restructuring process. Creditors agreed to write off more than €2bn of debt and inject €500m in a debt-for-equity swap, according to Unquote Data.

Company
Founded in 1973 and based in Epinay-sur-Seine, Naf Naf produces and distributes womenswear, generating a turnover of €210m and operating 474 shops worldwide. The company employs around 1,200 people.

People
Vivarte – Patrick Puy (CEO).

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• Buyouts
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• France