Polaris exits Danish fashion brand PWT Group

The GP formed the group in 2008 after acquiring brands Wagner, Tøjeksperten and Texman. Unquote reported in 2008 that it had paid DKK 900m for Tøjeksperten.

Polaris said in a statement that the global outbreak of Covid-19 and subsequent closure of stores in mid-March had had a severe impact on the operational and financial performance of the company.

Consequently, the board of directors filed a petition for in-court restructuring of PWT. 

The company in 2019 reported sales of DKK 873m and EBITDA of DKK 159m, up 5.4% and 15.2% respectively from 2018. It had also reduced its net debt by nearly 10% from DKK 502m in 2018 to DKK 453m in 2019.

Allan Bach Pedersen, partner at Polaris, said: "The prospects were good, and it is therefore very disappointing that the Covid-19 crisis paralysed the business."

Company
Founded in 2008 by Polaris and based in Aalborg, men's clothing company group PWT was formed following the acquisition and merger of Danish brands Wagner, Tøjeksperten and Texman. The company's other brands include Lindbergh, Shine Original, Jacks Sportswear Intl, Junk de Luxe, Bison, Morgan and Huzar. It distributes its products via 1,000 independent retailers across 20 countries and its own retail chains Tøjeksperten and Wagner.

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• Topics
• Exits
• Nordics
• Consumer
• coronavirus
• Polaris Private Equity
• Denmark