The Carlyle Group has agreed to acquire Dutch lingerie firm Hunkemöller International B.V. from PAI Partners for an undisclosed amount.

Carlyle said funding for the acquisition will come from Carlyle Europe Partners IV, a European-focused upper-mid market buyout fund. The transaction is subject to advice of the Dutch works council and consultation of the Belgian and European works council, as well as approvals from certain regulatory authorities. Carlyle said the deal is expected to close in the first quarter of 2016.

Hunkemöller is a European lingerie brand with more than 700 stores and an e-commerce platform. It has a store presence in the Netherlands, Belgium, Luxembourg, Germany, Austria, France, Denmark, Spain, Sweden, Greece, Saudi Arabia, Ukraine, Belarus, Bahrain, Oman, Egypt, Morocco, Panama, Aruba, Curaçao and the United Arab Emirates. A store is being planned for India and is expected to open shortly.

Hunkemöller said its board determined that Carlyle was the right partner to support its continued omnichannel strategy and to enhance its growth plans.

Philip Mountford, chief executive officer of the lingerie firm, said, “Hunkemöller has seen substantial growth over the last five years developing from a physical retailer into becoming the leading European omnichannel lingerie brand. PAI Partners have been instrumental in helping us through this journey.”

Marco De Benedetti, managing director and co-head of The Carlyle Europe Partners, said, “Hunkemöller has differentiated itself from its competitors by winning market share during a challenging economic period. We are looking forward to back Philip Mountford and his management team as the company will be entering the next stage” of its journey.

Hunkemöller recently won the Lingerie Retailer of the Year award in all markets across Europe, as well as the European Webshop and Cross Channel awards. It also came in second in the European Retailer of the Year award, Carlyle said.

Carlyle’s previous investments in the fashion and beauty sectors includes Moncler and Philosophy, both of which it has since exited.

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