CVC Capital takes over Douglas
According to CVC Capital Partners, funds advised by the private equity and investment advisory firm have signed today an agreement to acquire Douglas AG from a holding jointly held by Advent International and the Kreke family. 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, the company emphasises. “Over the past two years, Douglas has become the largest specialist beauty retailer in Europe. ... 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,” explains Dr Henning Kreke.
As CVC states, the acquisition of Douglas does not include the book retailer Thalia and the fashion retailer AppelrathCüpper, which are held by separate holding companies under the ownership of Advent and the Kreke family.
German retailer Douglas was founded in Hamburg in 1821 and is under the management of the Kreke family since 1969. It currently operates more than 1,700 stores in 19 European countries and has over 17,000 employees. The company generated pro forma annual sales of about EUR 2.5 billion in the financial year 2013/2014. According to the company, Douglas is the selective beauty care market leader in Europe.
The private equity and investment advisory firm, CVC Capital Partners, was founded in 1981. The company combines today a network of 22 offices and over 300 employees throughout Europe, Asia and the US. According to the company, CVC has secured commitments of over US$79 billion in funds from a diverse and loyal investor base, completing over 300 investments in a wide range of industries and countries across the globe.
Source: CVC Capital Partners, Logo: Douglas