Advent exits fashion chain to Apax in €1.3bn deal

Advent acquired Takko in 2007 for €770m and expanded the business throughout Europe.

Advent International is selling German fashion company Takko to Apax Partners in a deal valued at €1.3 billion. Advent acquired Takko from Permira in 2007 for €770 million.

Under Advent’s ownership, Takko has transformed from a discount brand to a “value fashion” brand, expanded its international growth strategy and grew its business. The company increased the number of stores, refurbished existing shops and expanded its product selection.

Takko has expanded its geographic footprint, and operates stores in Switzerland, Belgium, Portugal, Poland, Romania, Croatia, Slovenia, Slovakia, Lithuania and Estonia. This year it opened stores in Italy and is testing the market in Russia, the company said in a statement.

Advent, earlier this year, bought Spanish real estate valuation business Tinsa for €100 million. Apax had an exit earlier this month with the public listing of shares in Danish telecom company TDC.