PPR announces that Redcats has entered into an agreement to sell its Nordic brands Ellos and Jotex to Nordic Capital Fund VII for an enterprise value of €275 million.
Ellos is the leading home shopping player in Scandinavia for apparel and Jotex has established itself as a key player in the Scandinavian home textile and decoration market. Recent years have brought a very positive development and a greater focus on customer needs and expectations. The brands have strengthened the attractiveness of their e-commerce websites and developed their own-brand designs and products to offer a unique collection supplemented with a range of selected external brands. The transaction will place Ellos and Jotex in an excellent position to take advantage of their potential to continue their development.
Nordic Capital Private Equity Funds invest in large and medium sized companies, primarily in the Nordic region. The company has a long track record of successful investments and has solid experience in Nordic retail. It encourages businesses to grow by expansion into new markets, product development, new industrial combinations, strategic repositioning and internationalisation.
The sale of Ellos and Jotex will mark a further step forward in the transformation of PPR into a global leader in apparel and accessories within the Luxury and Sport & Lifestyle sectors.
Subject to approval of the relevant competition authorities, the transaction should be finalised in the coming months, after informing the employee representative bodies.
Rothschild acted as financial adviser and Vinge acted as legal advisor to PPR in the transaction.
PPR empowers an ensemble of powerful, complementary Luxury and Sport & Lifestyle brands, specialising in apparel and accessories, to reach their potential. Present in more than 120 countries, the Group generated revenues of €9.7 billion in 2012 and had over 33,000 employees at year end. The PPR share is listed on Euronext Paris (FR 0000121485, PRTP.PA, PPFP).
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