CVC-backed Cortefiel acquires distributor

The firm, which began in 1880 as a small haberdashery store, will now be in control of its distribution operations in the three countries.

This move comes after Cortefiel approved a €131.4m capital increase supporting the conversion of the company's debt into equity in March last year. Months prior to that, the private equity backers injected an additional €100m as part of a refinancing of the business' debt.

Madrid-based Cortefiel is one of the largest clothing retailers in Europe, owning a variety of brands such as Springfield, Women Secret, Pedro del Hierro, Douglas and Milano. The firm employs 9,000 people and generated a turnover of €955m in 2009 alongside an EBITDA of €164m.

CVC, Permira and PAI first entered into Cortefiel in 2005, when they completed a take private operation which valued the company at €1.44bn. The auction process was run by corporate finance advisers 360 Corporate and Citigroup, while Carlos Mallo, partner, Ignacio Faus, principal, and Sebastian Hoffman, investment professional, led the deal for Permira.

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• Topics
• Portfolio management
• Southern Europe
• Consumer
• CVC Capital Partners
• Spain
• PAI Partners
• Permira