Private equity firm Advent International has sold the value fashion chain Takko to Apax Partners.
The transaction, which is subject to approval by the antitrust authorities, is expected to be finalised in the first quarter 2011.
Since acquiring Takko in 2007, Advent International has supported the company’s management in its transformation from a hard discount to a value fashion brand and in accelerating its international growth strategy and expanding its business.
The number of stores was increased, existing shops were modernised, operational procedures were developed and the selection of products was expanded.
Over the last three-and-a-half years, Takko has opened new stores in Eastern and Western Europe and is now present in 15 countries, including Switzerland, Belgium, Portugal, Poland, Romania, Croatia, Slovenia, Slovakia, Lithuania and Estonia. In 2010 Takko has also opened stores in Italy and tests a market entry in Russia.
Ralf Huep, managing partner and global co-head at Advent International, says: “Takko has grown very successfully and sustainably over the last three-and-a-half years, reporting double-digit growth rates in the globally difficult economic climate of fiscal years 2008 and 2009. Since 2007, Takko’s revenues have increased by 30 per cent to EUR938m, the share of international revenues has been doubled and the number of stores in Germany and Europe has grown from 1,050 to about 1,500 today.”
Stephan Swinka, chief executive of Takko, adds: “Over the last years a repositioning and further development of the business model has allowed Takko to be fully new positioned and to establish the brand in a new segment. Thanks to the strategic reorganisation and a number of operational improvements, Takko is in a position that will also provide us with excellent growth opportunities in the future. As a partner at our side over the past years, Advent has supported and actively accompanied the development of our business.”
