MILAN — Italian investment company Excalibur I and German industrial group Steilmann Holding AG have teamed up to acquire a majority stake in German fashion retail giant Adler Modemarkte AG, which is listed on the Frankfurt Stock Exchange.
Excalibur I, which is controlled by private equity Equinox and textile group G.&C. Holding, and Steilmann Holding will acquire 49.96 percent of Adler through financial vehicle corporation Bidco, featuring Steilmann Holding as its main shareholder.
The transaction was inked between Bidco and private equity BluO,which bought the company in 2009 from Metro.
Bidco will pay Adler, which operates 169 stores in Europe, 5,75 euros, or $7.44 at current exchange rates, per share and then will launch avoluntary tender offer for the remaining shares.
According to a statement, the acquisition will allow Adler to increase its product quality and to expand in new markets, such as the Far East.
Steilmann Holding, which aims to generate with Adler annual revenues of more than 1 billion euros, or $1.3 billion, will also re-brand a number of Adler points of sale as Boecker stores. Boecker is a fashion retail company controlled by Steilmann.
In 2012, Adler generated 505 million euros, or $666.6 million, in revenues compared to the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 14 percent to 35 million euros, or $46.2 million.
“I was touched by the fact that she lost her father, really before his time, and it was a real shock. She had two young children, she was married and she was expecting that she would have her own life for a good 25 years,” said Claire Foy about playing a young Queen Elizabeth in Netflix’s The Crown. Styled by @mayteallende 📸@jgreenery #emmys2017 #wwdeyeu
“Truth and lies have become a real interesting theme, more than ever, lately,” Emmy nominee Laura Dern told WWD. "It’s a very interesting time to use our voice." Styled by @cristinaehrlich, 📸 @shayanhathaway #wwdeye #emmys2017
“It transcends the genre that is you think of a sci-fi show — you don’t expect it to be so profound or emotionally riveting,” Evan Rachel Wood told WWD of her Emmy nominated role in Westworld. styled by @samanthamcmillen_stylist 📸 @emmanmontalvan #emmys2017 #wwdeye