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THE CARLYLE GROUP INC.

(CG)
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Carlyle revives $1.2 bln sale of lingerie firm Hunkemoller - sources

09/10/2021 | 11:59am EDT

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 million.

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)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 3.31% 3409.02 Delayed Quote.1.32%
JPMORGAN CHASE & CO. 1.92% 166.61 Delayed Quote.28.65%
NORDSTROM, INC. 2.71% 28.08 Delayed Quote.-12.40%
PLBY GROUP, INC. -3.65% 22.7 Delayed Quote.115.98%
THE CARLYLE GROUP INC. 0.31% 51.45 Delayed Quote.63.65%
WOLVERINE WORLD WIDE, INC. -1.75% 30.9 Delayed Quote.0.64%
ZALANDO SE 1.72% 79.36 Delayed Quote.-12.85%
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Financials (USD)
Sales 2021 3 577 M - -
Net income 2021 1 174 M - -
Net cash 2021 2 964 M - -
P/E ratio 2021 15,8x
Yield 2021 1,95%
Capitalization 18 368 M 18 368 M -
EV / Sales 2021 4,31x
EV / Sales 2022 3,62x
Nbr of Employees 1 825
Free-Float 61,3%
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Number of Analysts 13
Last Close Price 51,45 $
Average target price 60,15 $
Spread / Average Target 16,9%
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Managers and Directors
Kewsong Lee Chief Executive Officer & Director
Robert R. Schmidt Managing Director
Curtis L. Buser Chief Financial Officer
William E. Conway Executive Co-Chairman
David M. Rubenstein Executive Co-Chairman
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