Sofindev III and Mitiska co-invest in Belgian fashion retailers Cassis and Paprika
Groot-Bijgaarden, 21 December 2007 – Mitiska and Sofindev co-invest together with founder and CEO Jacques Hayez and with the management of the company in the dynamic fashion retail group Cassis – Paprika.
Over the past years, the Cassis – Paprika group has developed a strong and unique position in the Belgian fashion retail market.
Cassis is an established retail concept offering clothing for urban-active fashion-conscious women and benefits from strong brand awareness. With 52 stores on triple-A centre city and shopping centre locations in Belgium and Luxembourg, Cassis realised a turnover of EUR 38.5 million in 2006.
Paprika is a fast-growing, innovating concept offering a young and dynamic collection to fashion-minded larger-sized women. Paprika realized a turnover of EUR 13.1 million in 2006 and currently operates 33 stores in Belgium, Luxembourg and France. Earlier this year, the retail chain – which has considerable expansion potential – opened its second store in France.
The group employs 436 people and achieved a pro-forma operating result of EUR 7.5 million in 2006.
Over the last few years, Mr. Hayez and his team have built an outstanding track record of profitable growth. Mitiska and Sofindev are pleased to support them in the further development of this dynamic retail group.
Mitiska and Sofindev plan to invest EUR 13.95 and EUR 9.30 million respectively and will obtain a majority stake (co-control). The valuation and financial structure of the transaction will not be disclosed. The transaction is expected to be closed by the end of January 2008.
ING Belgium is providing the debt financing of the transaction. Petercam acted as exclusive advisor of the Cassis-Paprika group.