BERLIN — Permira, the private-equity backer and major shareholder of Hugo Boss, has recapitalized Red & Black Lux Sarl, its investment holding company for the fashion company.

The move gives one of Permira’s largest investors, SVG Capital, cash in the amount of 110.9 million pounds, or $179.2 million, returning 47 percent of its initial investment. All conversions are at current exchange.

An international private-equity investor listed on the London Stock Exchange, SVG’s holding in Boss represented 25.8 percent of its total portfolio as of June 30. Neither SVG nor Permira would comment further on the exact size of SVG’s Boss stake, which has been revalued at 308.6 million pounds, or $498.7 million, following the recapitalization.

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The Red & Black Lux recapitalization did not effect Permira’s Boss stake, which remains unchanged at 56 percent. A financial industry observer said Permira “basically took some money out of the Red & Black Lux holding company and gave it back to their investors. The money came from the proceeds of the Valentino sale in 2011, and Permira’s two earlier Hugo Boss placements” in Nov. 2011 and then May 2013.

The source said there is no need for a further recapitalization. “On one hand, there’s Hugo Boss, which is a strong performing company, and on the other, Red & Black Lux, which had almost no debt.” Given low interest rates, he continued, “Permira thought it was a good time to take some new debts and give back to the investors.”

Hugo Boss will release third-quarter figures on Oct. 31. A Goldman Sachs analyst earlier this week downgraded its rating of the stock to “sell” from “neutral,” suggesting the brand’s growth is slowing and that management could have difficulties meeting its 2015 profit goals.

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