AMSTERDAM, Sept 10 (Reuters) - U.S. private equity firm
Carlyle is reviving plans to sell Netherlands-based lingerie
chain Hunkemoller that were delayed by the pandemic, two people
close to the matter told Reuters, in a deal that could top 1
billion euros ($1.2 billion).
Hunkemoller, which runs 850 stores around Europe, reported
earnings before interest, taxes, depreciation and amortisation
(EBITDA) of 40.6 million euros in the year ended Jan. 31,
compared with 75.5 million euros a year earlier, before the
pandemic struck. Sales fell 14% to 459 million euros.
Sales and EBITDA are expected to rebound strongly this
financial year, a person familiar with the matter said, as the
chain has increasingly moved to a hybrid model, with online
sales now making up more than a quarter of the total.
The brand, showcased by models Duckie Thot and Rebecca Mir,
is also growing its wholesaling channels via Zalando, Nordstrom,
Amazon and others.
The company is targeting EBITDA of 85-90 million euros this
fiscal year and more than 100 million euros in 2022-2023.
JPMorgan has been picked to lead the sales process. At a
valuation of 11-13 times EBITDA, the company's value is
estimated around 1 billion euros.
The range was derived by comparisons to recent sales of two
smaller chains - Honey Birdette of Australia to Playboy owner
PLBY Group Inc. in June for $333 million, and Britain's
Sweaty Betty to Wolverine World Wide Inc. in August for $410
Carlyle purchased Hunkemoller for around 440 million euros
in early 2016, Reuters reported at the time.
JPMorgan is expected to launch the sales process this month,
month, with non-binding bids due in October, the people said.
Carlyle and JPMorgan declined to comment.
($1 = 0.8457 euros)
(Reporting by Toby Sterling
Editing by Mark Potter)