FRANCE - Pechel, CIC Finance and LCL back pret-a-porter merger

Pechel Industries, CIC Finance and LCL Régions Développement have backed the management buyout of a newly-merged pret-a-porter group.

The group comprises Wasquehal-heaquartered Devianne, which operates through its brands Devianne, Magvet and Cap'Mod, and Paris-based Stanford.

CIC Banque BSD-CIN and LCL underwrote a debt package to support the transaction.

The group now employs over 1,000 staff and generates a turnover of EUR 130m.

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