|Apax Partners signs agreement to acquire Heytens and Mondial Tissus retail chains (28/04/2005 18:00)|
Paris, April 28 2005 – Funds advised by Apax Partners France announce the signing of a memorandum of understanding to acquire Heytens and Mondial Tissus, two home-decoration retail chains. This deal is made in partnership with Didier Jacquard, a co-founder of Mondial Tissus, who will be the chairman of the newly formed group.
Heytens and Mondial Tissus are currently held by a group of investors led by Fonds Partenaires and the CIC group. This 180 million euro buy-out is expected to close before the second half of this year.
Heytens specialises in selling made-to-measure curtains through a 109 stores chain, including 57 in France, 47 in Belgium, 2 in Luxembourg and 3 in Switzerland. Heytens has become a leader in these markets with a unique concept based on personalised customer service that includes advice and custom finishing, including sewing. The new shareholders' aim is to develop this concept in France and internationally, with a target of 100 new stores over the next five years.
Mondial Tissus is France's number-one retailer of cut-to-measure fabric, with 70 stores located in major urban shopping areas. The main objective of the company's new COO and CFO, will be to bring the retail concept in line with the fast-growing leisure crafts and household linen markets, and give new impetus to the company's programme to open 30 new stores.
In 2004, the two chains posted sales of 174.4 million euros and operating income of 21.6 million.
Jean-Louis Rambaud, a Partner at Apax Partners, said: "Our knowledge of this sector enabled us to put together a tailor-made deal, working closely with an ambitious entrepreneur who has made a substantial contribution to the new Heytens concept. Our strategic objective is to leverage the Heytens concept while refocusing Mondial Tissus' positioning to create a leader in the home-decoration textiles market.”
Didier Jacquard, the Chairman of the new group formed by Heytens and Mondial Tissus, said: "Apax Partners is the ideal financial partner for Heytens and Mondial Tissus. Not only will they provide the resources we will need to develop both chains, we will also be able to tap their considerable experience in specialty retail, while preserving our management's independence and motivation.”
Calyon will underwrite the acquisition financing.
About Heytens (www.heytens.com)
The Heytens group was founded by Guy Heytens in Belgium in 1974. Heytens entered the French market in 1995 and was taken over by the Sandinvest group in 1997. Heytens sells a complete range of coordinated home decoration products, and specialises in made-to-measure curtains. The Heytens concept is based on a comprehensive offering of harmonious and fashionable home decoration products and personalized customer service. This strategy has made the group Belgium's leading retailer of home decoration products, with over 20% market share and a rapidly expanding chain of 109 stores in Belgium, France, Luxembourg and Switzerland.
About Mondial Tissus (www.mondialtissus.com)
Mondial Tissus was co-founded in 1981 by Didier Jacquard and acquired by Fonds Partenaires in 1998 before joining the Sandinvest group in 1999. Mondial Tissus is an integrated chain of 70 stores located in major urban shopping areas. The company sells cut-to-measure textiles for clothing, home furnishings and curtains, as well as haberdashery and leisure craft products. Mondial Tissus' concept is self-service retailing of textiles by the metre at discount prices.
About Apax Partners
Apax Partners is one of the world's leading private equity investment groups, operating across Europe, Israel and the United States. It manages and advises over €15bn on behalf of leading institutional investors around the world.
With over 30 years of direct investing experience, Apax Partners' Funds provide long-term equity financing to entrepreneurs to build and strengthen world-class companies. It pursues a balanced equity portfolio strategy, investing in venture, growth capital and buyouts.
Apax Partners' Funds invest in companies across its 6 chosen global sectors of retail & consumer, information technology, telecommunications, media, healthcare, business and financial services.
Apax Partners' Funds investments in specialty retail include Afflelou, Aigle, Celio, Frans Bonhomme, Gifi, Histoire d'Or, Hubert, Morgan,Rue du Commerce, Sephora, …
For additional information, visit the web site at www.apax.com
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