Transaction Details

July 28, 2015
Munich

Sector

Consumer, Retail, E-commerce and Leisure, Digital Media and Media

Deal Type

M&A

Deal Value

N/D

Deal Team

Dr Martin Kühner, Damian Stricker, Fabian Lautenschlager, Jan Greim-Kuczewski, Nicolas Borchard

GCA Altium advises on the sale of TriStyle to Equistone and management

GCA Altium acted as exclusive financial adviser to Primondo Specialty Group GmbH and Wirth Beteiligungs GmbH on the sale of TriStyle Mode GmbH, a leading German multi-channel fashion retailer aimed at women over 45, to mid-market focused private equity firm Equistone Partners and management. This marks GCA Altium’s 10th transaction in the Consumer & Retail space to date in 2015.

TriStyle Group is the number one multi‐channel women’s apparel retailer for best agers with the two retail brands Peter Hahn and Madeleine. The Group distributes its own apparel brands and selected third party brands via print (catalogues) (66%), eCommerce (27%) and retail stores (7%). With more than 28m catalogues sent and over 11m unique online visitors per season, TriStyle is one of the largest distance sellers in Europe. Key markets include Germany, Austria, Switzerland, the Netherlands and France, which account for more than 90% of revenues. In the financial year 2013/14, TriStyle generated total sales of € 483m, with Peter Hahn accounting for € 321m and Madeleine Mode for € 162m.

Equistone will support TriStyle’s growth strategy, with clear growth plans for Peter Hahn and Madeleine Mode through an expansion of their customer base, accelerated growth in eCommerce and further integration of the existing sales channels. In addition, Equistone aims to acquire more companies in order to strengthen TriStyle’s market position.

“As the management of this business, we chose to invest because we believe in the potential of the business’s target demographic of customers over the age of 45. Equistone is a financially strong partner, and together we will be able to capitalise on the significant market opportunities,” commented TriStyle Managing Director, Thomas Hetmann.

The transaction, subject to regulatory approval by the competition authorities, is expected to close in September. The parties have agreed not to disclose the purchase price.

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