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By
Reuters
Published
Aug 7, 2012
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Axa buys textile exporter Schustermann & Borenstein

By
Reuters
Published
Aug 7, 2012

Axa Private Equity is to buy a majority stake in German clothing exporter Schustermann & Borenstein from its family owners, the companies said on Monday.


Photo: Schustermann & Borenstein


The family owners will keep a stake in the company, which according to sources close to the transaction is being valued at around 300 million euros ($370 million), as Reuters reported last month.

Schustermann & Borenstein specialises in exporting clothing to eastern Europe and other non-European Union countries. Separately, it sells surplus stock in so-called outlet centres and also in an online community called "Best Secret".

In 2010, Schustermann & Borenstein posted sales of 153 million euros and a net profit of 17 million.

The company is another example of a fashion group being scooped up by a private equity buyer. In Germany, several fashion trading groups are in private equity hands, including Apax-owned retailer Takko and wholesaler CBR, owned by EQT.

In 2010, private equity company Alpha Group floated denim specialist Tom Tailor on the Frankfurt stock exchange. It remained invested in small fashion house Eterna.

Upscale fashion house Hugo Boss is majority-owned by Permira, while U.S.-based private equity firm Sun Capital owns British retailers Jacques Vert and Alexon as well as Strauss Innovation and jeans company Lee Cooper.

Schustermann & Borenstein was advised by Goldman Sachs while Macquarie advised Axa Private Equity.

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