Redcats group completes the sale of its Missy apparel brands in the US
Paris, July 28th, 2008 - Redcats Group, a leader in home shopping announced today that its wholly owned subsidiary Redcats USA has completed the sale of its missy division including Chadwick’s®, metrostyle™ and Closeout Catalog Outlet™, to Monomoy Capital Partners, a U.S. private equity fund.
Redcats USA originally announced its intention to sell its missy apparel business earlier this year after the successful acquisition of United Retail Group, which includes almost 500 Avenue stores. The decision was part of the strategic plan to focus on developing the special size brands, as well as the sporting goods/outdoor brands in a true multi-channel format.
Thierry Falque-Pierrotin, Chairman and CEO of Redcats Group, said “The sale of Chadwick’s® , metrostyle™ and Closeout Catalog Outlet™, in the U.S. is a further step in the focalization of Redcats Group brands portfolio on clear leadership positions.”
Eric Faintreny, Chairman and CEO of Redcats USA, underlined:”With the sale of our missy brands, Redcats USA global strategic repositioning is now fully completed. We are now clearly focused on the men's and women's plus-size apparel, and outdoor gear.”
Stifel, Nicolaus & Company, Incorporated served as financial advisor to Redcats USA and Wachtell, Lipton, Rosen & Katz acted as legal counselin connection with the abovetransaction.
About Redcats USA and Redcats Group
Redcats USA is a multi-channel home shopping leader with well-known brands in its portfolio: Woman Within®, Jessica London®, Roaman’s®, KingSize®, BrylaneHome™, The Sportsman’s Guide®, The Golf Warehouse® and AVENUE® Stores. Redcats USA is a multi-brand company offering men’s and women’s plus-size apparel, lifestyle and domestics, and sporting goods via catalog, Internet and brick-and-mortar retail stores.
Redcats USA is a division of Redcats Group, a global leader in Home Shopping for apparel and home furnishing. Drawing on a multichannel network combining catalogues, e-commerce and stores, Redcats Group generated 3.76 billion euros of sales in 2007 with 15 brands in 29 countries and a staff of around 22,000 associates. Sales are split between France (51.5%), USA (24.9%) and the rest of the world (23.6%). Redcats Group is a PPR Company. For any further information: www.redcats.com.
PPR develops a portfolio of high-growth global brands. Through its Consumer and its Luxury brands, PPR generated sales of EUR 19.8 billion in 2007. The Group is present in 90 countries with approximately 93,000 employees. PPR shares are listed on Euronext Paris (# 121485, PRTP.PA, PPFP).
To explore the universe of PPR brands go to www.ppr.com.
About Monomoy Capital Partners, L.P.
Monomoy Capital Partners, L.P. is a $280 million private equity fund that makes controlling investments in middle market companies. The Fund has completed 17 transactions in just over two years in the smaller end of the middle market and currently owns nine business that collectively employ more than 5,500 people. Monomoy implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and encourage meaningful growth. For additional information on Monomoy and its portfolio companies, please visit www.mcpfunds.com.
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Redcats USA Pat Cross + 1 (317)266-3020
Redcats Group Vinciane Beurlet + 33 1 56 92 98 18