Advent International, the global private equity firm, has acquired a majority stake in Stokomani, the French discount retailer, from Alpha Group.
Advent International, the global private equity firm, has acquired a majority stake in Stokomani, the French discount retailer, from Alpha Group. The acquisition has been made in partnership with Stokomani’s management team led by Emmanuel Pelillo, Managing Director and Jean-Jacques Namani, President. The value of the transaction has not been disclosed.
For over 45 years, Stokomani has been a leader in France’s end-of-line and big brand product stock clearance market. The company offers a range of between 15,000 – 20,000 products across the beauty, homeware, personal equipment, recreation and food sectors.
Products are distributed in France through a network of 18 integrated stores located on the outskirts of large towns. The company employs more than 500 people and has more than doubled its turnover in 5 years, reaching Euro 83 million in 2006. Stokomani’s consistent performance is due to an original concept, a balanced product mix and a strong workforce.
Under Advent International’s ownership, Stokomani will pursue sustained growth across its French network through new store openings – set to double within the next five years – and the extension of existing stores.
Pascal Stefani, Associate Director of Advent International France commented: ‘We are delighted to become partners with Stokomani, a company with strong prospects and a unique concept in a growth market. Advent has been following the company’s performance since 2003 and we have already successfully invested in two discount enterprises in the US (Dollar Express) and in the UK (Poundland). The acquisition reflects one of our core strategies: investing in a growth sub- sector with specialised distribution.’
Jean-Jacques Namini, President and board member of Stokomani, said: ‘We look forward to working with Advent in the development of our company. Their sector expertise and financial acumen will offer us all the necessary support to continue our organic growth. The arrival of Advent will also allow us to rethink our organisation. After 10 years with us in the role of Managing Director, Emmanuel Pelillo will now assume the role of President. As for my part, I will focus my efforts on the future strategic direction of the group as a board member.’
Emmanuel Pelillo, Managing General President of Stokomani added: ‘ ‘Stokomani is planning to double its network of stores between now and 2011, to increase our customer base by several million, to acquire stock clearance from a larger number of industrials and to create more than 350 jobs in 4 years. The backing and support of Advent will be vital.’
Advent International was advised by Rothschild & Cie, Mayer, Brown, Rowe & Maw, PWC and Aon Accuracy in this transaction.
