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AXA Private Equity sells majority of HSE24 to Providence Equity

AXA Private Equity has sold the majority of Home Shopping Europe (HSE24), the TV home shopping group, to Providence Equity Partners.

After yesterday’s closing of the transaction, AXA Private Equity will remain a 15 per cent shareholder.
In 2009, AXA Private Equity acquired HSE24 in an all-equity transaction from the insolvent Arcandor group. Under AXA Private Equity’s ownership, the multi-channel retailer continued its growth path with net sales growing by more than 10 per cent per annum and the number of employees rising significantly.

HSE24 continued to gain market share in its home markets and further increased its multi-channel offering. HSE24 also expanded internationally by successfully entering the Italian market in mid-2011, and by acquiring a strategic stake in Shopping Live, the Russian TV home shopping channel, in early 2012.
"HSE24 has been a great investment for us and we believe it will continue to be so in the future," says Caspar von Meibom, managing director, who will continue to represent AXA Private Equity on the advisory board of Home Shopping Europe. "HSE24 is a typical AXA Private Equity investment with a high degree of operational involvement and driven by various growth dimensions, such as organic, international green field expansion, and acquisitions rather than through financial engineering or cost cutting. Our close partnership with HSE24’s excellent management team has allowed us to support the company in its highly successful development over the past years."
HSE24’s management team will remain unchanged and will continue to be a significant shareholder in the company.

Richard Reitzner, chief executive of Home Shopping Europe, says: "AXA Private Equity has been a highly valuable, dedicated and hands on shareholder and partner over the past three years. Their team’s support helped enable our successful development and we highly appreciate their continued close involvement. Our management team is fully supportive of this transaction, and we believe Providence to be an ideal partner for the next phase of our growth story."

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