May 29, 2013
Wonderbra and Playtex sale abandonned
May 29, 2013
PARIS, FRANCE - American investment fund Sun European Partners has decided to abandon the sale of DBApparel - the company that groups underwear brands Wonderbra, Playtex and Dim - due to lack of suitable offers, according to French daily newspaper Les Echos.
DBApparel was acquired by Sun European Partners six years ago from Sara Lee and was put up for sale by the new owners in June 2012.
According to the French press, Sun European partners decided to stop seeking a buyer after offers made did not reflect the true value or the strong potential of DBApparel. The American investment firm initially valued the company at 600 million euros, ten times the EBITDA. Of the dozen potential buyers, two were still battling it out for the company in December.
The investment firm along with management at DBA is in the process of preparing a strategic plan for the company’s future to allow it to remain a market leader. It is reported that the plan will include a particular focus on the group’s activity in Germany, Switzerland and Belgium.
DBApparel employs 7500 people and has seven factories across the world, the most important located in Autun in France. The factory was opened by the brand Dim in 1956.
Since the takeover by Sun European Partners, DBApparel saw operational profits increase six fold to 60 million euros following a large restructure at the company. Last year, the company reported turnover of 685 million euros.
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