The German perfumery chain Douglas will not be heading to the stock exchange, as its owner Advent International has sold the chain to British investment fund CVC Capital Partners.
Sold for 2.8 billion euro
It was less than a week ago that perfume and cosmetics chain Douglas was intent on going to the stock exchange, but it seems those plans are now dead in the water: CVC Capital Partners has now acquired the German retailer for 2.8 billion euro.
The Kreke family, who has been a part of Douglas for years, will still keep close ties to the company and will even invest even more funds, although it is unclear how much at this point. Prior to the sale, the family owned 20 % of the company's shares. There will be no changes at the top of the company: Henning Kreke will still be CEO, despite the new owners.
Book seller Thalia and fashion retailer AppelrathCüpper, also owned by Advent International and the Kreke family through a separate holding, are not part of this acquisition.
"Expand to Asia"
CVC's Soren Vestergaard-Poulsen not only sees "growth potential in the very attractive European Selective Beauty Market", he also says Douglas "will expand into Asia and other regions" through "possible acquisitions or other investments".
The CVC manager has plenty of experience in the perfume branch. CVC acquired a majority stake in Danish beauty chain Matas in 2007, which Soren Vestergaard-Poulsen has led as its CEO until its IPO in 2013.
Perfumery chain Douglas has more than 1,700 stores in 19 countries and is one of the largest cosmetics chains in Europe, with a 2.5 billion euro turnover in 2014.