The European Commission approved American Carlyle Group‘s acquisition of Dutch lingerie chain Hunkemöller. It feels there is no overlap between Hunkemöller and the investor’s other activities.
440 million euro
Carlyle Group owns two other companies that are focused on women’s underwear and bath fashion, but according to the European Commission, that does not pose a problem.
Private equity firm Carlyle paid about 440 million euro to acquire Hunkemöller, previously part of French PAI Partners. Its former owner paid 265 million for the chain in 2010 and makes a decent profit from the sale now.
Hunkemöller is already one of Europe’s largest lingerie chains, with more than 700 stores worldwide. Its new owner wants to expand the chain’s Asian presence in the future. Hunkemöller’s very first store opened in Amsterdam 130 years ago.
Last summer, it seemed Sycamore Partners would become Hunkemöller’s new owner, but that company ended up losing out to Carlyle Group.
