Maxeda to sell Hunkemöller to PAI
Maxeda Retail Group B.V. (“Maxeda”) today announces that it has agreed a conditional sale of Hunkemöller to PAI partners (“PAI”). The transaction will be subject to a request for advice from the works councils and will be discussed with the trade unions involved. It also requires approval from the relevant competition authorities. The transaction is expected to be completed in early 2011.
After a comprehensive review of options and taking into account the interests of all stakeholders the boards of Maxeda and Hunkemöller are convinced that PAI is the right partner to implement Hunkemöller’s strategy of growth and thus further improve its profitability.
Hunkemöller has an international network of nearly 500 stores. It has the number one position as a lingerie specialist in the Benelux, is a leading retailer in Germany and has a growing franchise network. Hunkemöller is recognized for the creation of a unique product offering which is distributed through a network of stores in prime A-1 locations and a fast growing E-Commerce platform. Hunkemöller has demonstrated a strong track record of growth and profitability with support from Maxeda and with significant expansion potential has a clear strategy to drive future growth and margins.
PAI is one of the most experienced private equity firms in Europe and Retail is one of their core sectors with investments in retail formats such as Coin, Vivarte and Cortefiel. PAI also has extensive experience in supporting branded food and consumer goods companies.
Philip Mountford, CEO of Hunkemöller: “Hunkemöller has grown year on year over the last 10 years and it is now ready to further accelerate its growth strategy. PAI endorses and supports our plans and believes strongly in our strategy and the ability of our team to achieve our long term vision. Hunkemöller has been resilient throughout the current economic situation and is well positioned for growth. With PAI’s experience and expertise we are confident that we will continue to develop our image, product and market penetration.”
Michel Paris, Head of Retail at PAI partners: "We have been very impressed by the strong market position of Hunkemöller in the Benelux as well as the growth opportunity in Germany and other European countries. The Hunkemöller business model is differentiated from its competitors and is winning market share in every market in which it operates. We are very excited to back Philip Mountford and his team and to grow Hunkemöller to become the leading vertically integrated lingerie retailer in Europe.”
Tony DeNunzio, Executive Chairman of Maxeda: “We are proud of the achievements of Hunkemöller over recent years. It is widely recognised as the leading lingerie brand in the Benelux and Germany. Hunkemöller has developed an exciting growth plan to build on this strong market position. I’m convinced that joining forces with PAI will provide a strong basis for future growth and enhanced profitability.”