LBO France, LFPI sell underwear retailer Eminence to trade

Delta Galil is a manufacturer and marketer of clothing products. Founded in 1975 and based in Tel Aviv, it generated revenues of $1.08bn in 2015.

LBO France and LFPI acquired Eminence in 2011. At the time, the business was said to generate revenues of €127m, against €99m generated in 2017.

Previous funding
Orium and fellow Italian investor 21 Centrale Partners staged a buyout of Eminence in 1999, acquiring 78% and 20% of the company respectively from Swiss firm Schisser, in a deal valued at less than €25m. In 2001, they provided a fresh capital injection in order for the company to acquire the Italian group Liabel. Following that deal, Orium held a 66% stake, and management maintained around 14%. Orium later purchased 21 Centrale's stake, five years after their initial investment.

Having been approached by the company in June 2009, Pechel Industries took a 42% stake for around €12m in a deal that also represented a partial exit for Orium, which retained a 40% stake.

In 2011, LBO France and LFPI took over the company, retaining a 70% and 30% stake respectively, according to French publication Capital Finance. Debt for the acquisition in 2011 was provided by Societe Generale and Crédit Agricole Corporate and Investment Banking.

Company
Founded in 1937, Eminence produces and sells underwear brands on the French and Italian markets (Athena and Eminence in France, and Liabel in Italy). In 2017, Eminence's net sales totalled approximately €99m, with most of the products designed for men. Around 79% of all sales are generated in France and the remainder in western Europe – mainly in Italy and in Belgium. Its underwear brands in France include Eminence in the upper market and Athena in the mass market, while Liabel is the Italian underwear brand.

People
Delta Galil Industries – Isaac Dabah (CEO).

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• Topics
• Exits
• France
• Consumer
• France
• LBO France
• LFPI Gestion
• Trade sale