The European Commission has cleared EQT V Fund’s proposed acquisition of women’s clothing designer CBR Group from funds managed by Apax Partners and Cinven.
The European Commission has cleared EQT V Fund’s proposed acquisition of women’s clothing designer CBR Group from funds managed by Apax Partners and Cinven. The transaction was examined under the EU’s ‘simplified’ merger review procedure for cases which the Commission believes do not pose competition concerns.
Apax and Cinven signed an agreement to sell CBR in February 2007, having initially acquired it from its original owners at the end of 2004. Since the acquisition both firms have actively supported CBR’s management team in the continuation of its rapid expansion strategy.
Under their ownership, the number of partner stores was increased to 850 in CBR’s core markets, the number of in-store shops to over 1,500 and the number of multi-label stores to over 5,600. Turnover grew continuously at double digit rates to a total of more than EUR600m in 2006. The investment funds view this as another example of their constructive and successful collaboration.
