21 Centrale, Quadriga team with trade to buy lingerie

The credit crunch is causing firms to work in partnerships with other bidders even in the lower mid-market.

French buyout firm 21 Centrale Partners has partnered with European buyout firm Quadriga Capital and Austrian trade buyer Palmers to buy French lingerie company Lejaby from clothing group Warnaco for around €32.5 million ($47 million).

The deal was financed with a €12.5 million interest free note due 31 December, 2013.

Lejaby sells underwear, swimwear, hosiery and loungewear.

The partnership of three parties in a deal below €50 million indicates the extent firms have to work to get deals away. European mid-market firm PPM Capital’s Neil MacDougall said today that firms would need to become more creative in an era of less debt by partnering in joint ventures and with trade buyers to be able to secure acquisitions.

21 Centrale Partners raised €330 million for its third private equity fund in November 2006.