CVC, PAI buy Permira's Grupo Cortefiel stake

According to Reuters, the GPs will own a 50% stake each upon completion of the transaction.

CVC acquired its stake through its CVC Fund III, while PAI drew capital from its PAI Europe VI vehicle. According to local press reports, the deal valued the business at €1bn.

Credit Suisse, Societe Generale, BNP Paribas and Crédit Agricole CIB provided an undisclosed debt facility to support the transaction, which allowed the company to repay its existing debt.

Previous funding
In September 2005, MEP Retail España, a company owned by funds managed by CVC, Permira and PAI, launched a public offer for the business, acquiring an 86.82% stake. MEP paid €18.4 per share, valuing Cortefiel at €1.44bn, according to unquote" data.

The GPs injected an additional €100m as part of a refinancing of the company's debt in October 2009, while in March 2010 they approved a €131.4m capital increase supporting the conversion of debt into equity.

Company
Founded in 1880 and headquartered in Madrid, Cortefiel is a Spanish fashion retailer. The business comprises four brands: Cortefiel, Springfield, Women's Secret and Pedro del Hierro, alongside outlet chain Fifty Factory.

With 10,000 employees, the company manages 1,982 retail stores across 89 countries and generated €1.13bn in revenues in 2016, according to its website. Additionally, the business posted a €151m EBITDA and a €24m net loss during the fiscal year 2016-2017, according to Spanish publication Expansión.

People
Grupo Cortefiel – Jaume Miquel (CEO).

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• Topics
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• Southern Europe
• Secondary buyout
• CVC Capital Partners
• PAI Partners
• Permira
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