UNQUOTE

GERMANY - Takko changes hands for EUR 770m

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Advent International has acquired a majority stake in German fashion discount chain Takko from Permira for a total consideration of EUR 770m. Takko’s management team, which also invested, will hold a minority stake. In 2000, Permira, then Schroder Ventures, acquired Takko from the Tengelmann Warenhandelsgesellschaft oHG.

Founded in 1982 and headquartered in Telgte, Takko offers a wide range of fashion clothing and accessories at discount prices. The company is a fully vertically-integrated fashion discount retailer, with a backwards integrated supply chain, enabling it to operate efficiently and close to the market. It currently operates 1,059 stores, of which 836 are located in Germany, and employs approximately 9,000 people worldwide. In 2006 Takko reported revenues of approximately EUR 720m.
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