Advent getting ready to sell French retailer Gérard Darel
A change in owners again for Gerard Darel? The French house that produces the Gerard Darel and Pablo brands will soon be for sale, according to the information published by Bloomberg. American private-equity firm Advent International, the majority shareholder of the French company since 2008, apparently deems it the right time to put it back on the market.
According to the American business news agency, Advent International wants to take advantage of the signs of recovery in Europe and the favourable exchange rate of the euro with the dollar, which is once again attracting investors. As for Gerbi, the founding family of Gerard Darel, it still holds a minority share in the company.
Advent had set some very ambitious goals upon acquiring its shares in 2008, goals which were not reached. While it was hoping to reach revenue surpassing 300 million euros within five years, this figure is currently only in the 200 million euro range. A relaunch plan was thus put in place by Sandrine Lilienfeld, president since 2013, which notably included a revamp of the main line.
To do this properly, the debt borne from LBO in 2008 had to be renegotiated, with a restructuring plan that was accorded in 2014 which has allowed Gerard Darel some breathing room until 2018.
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