EQT buys Brandtex Group

The Stockholm-based firm’s buyout of the Danish clothing group is its first major acquisition of a family-owned business.

Nordic buyout firm EQT Partners has acquired clothing company Brandtex Group for an undisclosed price. The company’s current CEO Jens Iversen, whose father-in-law founded the company, will leave the group after a short transition period during which a new CEO will be appointed.
Brandtex was founded in 1935 as a clothing manufacturer and wholesaler. In recent years, however, it has outsourced its manufacturing functions to focus on its retail businesses.
Today the group, which is based in Brande, Denmark, consists of a number of companies which sell their own designs to different target markets under brands including Blend, b.young, Fransa, 4YOU, and Kabooki. It has grown in recent years through the introduction of new brands and the launch of its own retail chains.
Brandtex exports its products to 25 countries in North America, Europe the Middle East and Asia. In 2004 it had sales of DKK 3.3 billion ($560 million; €444 million) and pre-tax income of DKK 100 million.
EQT’s buyout was led by Copenhagen-based partner Ole Andersen, and was made by the EQT IV fund, which closed last year on €2.5 billion. Swedish bank Svenska Handelsbanken both advised EQT and financed the transaction.
EQT’s other recent transactions have included the €800 million sale of German dental equipment manufacturer Sirona to Madison Dearborn, and the €3 billion buyout of Danish facility services company ISS alongside Goldman Sachs Capital Partners.