Gimv exits Wolf Lingerie in NextStage-led SBO

Wahida Ahmed
10 March 2022

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Belgian GP Gimv has sold its majority stake in France-based Wolf Lingerie to PE investor NextStage AM. Co-investors BNP Développement and BPI as well as the company’s management are also investing in the deal.

Minority investor Capital Grand Est is also exiting the business.

France-based NextStage is investing through Pépites & Territoires, a EUR 500m program in partnership with AXA France to invest equity in growth and innovative SMEs and mid-caps located in France.

Mergermarket reported in November that Gimv was being advised by Vulcain in a sale process for Wolf Lingerie. The company had around EUR 7m in EBITDA, the report noted.

According to a press release, Wolf will use the regional expertise and digital experiences of NextStage in order to accomplish the next phase of its growth plans in e-commerce or in terms of its European expansion. The company posted EUR 43 million in 2021.

Under Gimv's ownership, the company had undergone operational transformation including implementing higher standards in HR, ESG, information systems and logistics, according to the press release.

Previous funding
In January 2014, Gimv and Alsace Capital acquired a majority stake in Wolf from Cathway and EPF, as reported. According to Mergermarket, Gimv held a 52% stake in the business which it acquired for EUR 18m at the time. Alsace invested in the business through Alsace Croissance, its EUR 50m regional investment fund, according to Unquote Data.

Cathay and EPF, which had acquired minority stakes in the business in 2008, fully exited Wolf Lingerie in the transaction.

Company
Wolf Lingerie was established in 1947 and is headquartered in Strasbourg. The company sells underwear, through brands such as Sans Complexe which caters to plus-size women, and its other brand Billet Doux which has an emphasis on trendy lingerie.

Wolf products are availble to consumers through various channels including its own online shop and marketplaces like Amazon.

People
Wolf Lingerie - Jean-François Mialon (CEO).
Gimv - Anne Caron, Guillaume Bardy (partners).

Advisers
Vendor – Vulcain (corporate finance).