Funds advised by CVC Capital Partners are to acquire Douglas AG (Douglas) from a holding jointly held by Advent International (Advent) and the Kreke family. The purchase price has not been disclosed.
The Kreke family has furthermore agreed with CVC to reinvest in Douglas AG through a joint holding company owned by CVC and the Kreke family. Dr Henning Kreke will continue to serve as CEO of Douglas.
Kreke says: “Over the past two years, Douglas has become the largest specialist beauty retailer in Europe. It is renowned for its clear customer focus, an innovative product portfolio and an impressive in-store and E-Commerce presence. We thank our employees for their continuous commitment and Advent International for the valuable support in aligning our business and positioning it for further growth. We look forward to partnering with CVC as a reliable and strong, long-term partner who will support the company with additional industry expertise and financial resources, to ensure our continued growth.”
Søren Vestergaard-Poulsen, Managing Partner at CVC, says: "We are delighted to have come to an agreement to acquire Douglas together with the Kreke family. Douglas is a market leader with attractive growth prospects due to its strong management team, extensive store network, leading online presence and dedicated employees. We are very much looking forward to working with the family and the management to grow this European Beauty champion further over the long term."