Frankfurt / Munich – Cinven Limited (“Cinven“) and Apax Partners (“Apax“) today announce that they have signed an agreement to sell German fashion group CBR (“CBR”) - in which they are equal shareholders - to the EQT V fund. CBR is one of the leading fashion companies in Germany, with brands including Street One, Cecil and One Touch. The transaction is subject to the approval of the relevant competition authorities.
CBR was acquired from its original founders by Cinven and Apax at the end of 2004. Since the acquisition both firms have actively supported CBR’s management team in the continuation of its rapid expansion strategy.
Under their ownership, the number of partner stores was increased to 850 in CBR`s core markets, the number of in-store shops to over 1,500 and the number of multi-label stores to over 5,600. Turnover grew continuously at double digit rates to more than €600 million in 2006.
Christian Dosch, Partner at Cinven, said: “Our growth strategy for CBR has delivered real value. We have expanded the business and enhanced its internal structures. CBR has now established a much stronger competitive position which is opening up further growth opportunities. CBR has been an extremely successful investment for us and we wish the company, its management and staff continued growth in the future.”
CBR is one of the leading international companies in the fashion sector. With its successful business model, CBR produces twelve collections a year for each label, offering its retail partners the greatest possible speed of turnover and response capability.