American private equity firm Sycamore has acquired Dutch lingerie chain Hunkemöller for 440 million euro. Sycamore has bought Hunkemöller from French PAI Partners, which paid 265 million euro for the lingerie company in January 2011.
Benelux market leader
When PAI Partners announced it would sell the company, more than ten possible investors were interested. After the first several rounds, only Sycamore and Carlyle remained, which the former now winning out.
The Dutch chain currently has more than 600 stores in 16 countries worldwide, including 130 in its home territory, the Netherlands. Hunkemöller is also the market leader in the Benelux and Germany. The company managed a 300 million euro turnover and 4.6 million euro profit in the past fiscal year, which ended 31 January 2015. The chain, founded in Amsterdam in 1886, currently has some 2,700 employees.