European private equity firm CVC Capital Partners has reached agreement with Vendex KBB, the Dutch non-food retailer, over the acquisition of six retail chains based across the Netherlands.
The group of six firms acquired by CVC comprise Hans Anders Group, an optician and retailer of hearing aids, Scapino, a discount shoe retailer, Kijkshop, a discount goods retailer, Siebel Group, a multi-format jewellery retailer, sports equipment retailer Perry Sport and Prenatal, a Dutch baby clothes and accessories chain.
The total price is E394m for the six retailers, of which E10m is deferred. The combined turnover of the six companies was E714m for the last financial year. ABN Amro has provided debt facilities for the acquisition.
Vendex KBB announced plans to sell the firms as part of the company’s overall strategy to simplify its structure. The six companies together operate eleven of the group’s 26 retail chains but account for only 15 per cent of Group sales.
CVC has made a number of investments in the Netherlands, including the E862m acquisition last year of Cementbouw from Amstelland. Prior to that it teamed up with Cinven to acquire industrial packaging firm Kappa for E1.6bn. The firm also holds interests in alcoholic beverages firm Bols, Wavin (pipe manufacturer) and Veen Bosch & Keuning (book publishing).