CVC Capital Partners and PAI Partners to invest in Spanish Clothing Retailer Cortefield
CVC Capital Partners (“CVC”) and PAI Partners (“PAI”) announced that CVC Fund III and PAI Europe VI have agreed to reinvest in Cortefiel, one of the largest specialised clothing retailers in Spain. Cortefiel operates over 2,000 points of sale in 90 countries with three main brands: Cortefiel, aimed at men and women over 40, Springfield, aimed at 30-40 year old men and women and Women’s Secret, Iberia’s largest specialised lingerie chain.
In recent months, Grupo Cortefiel has experienced strong growth and positive momentum, driven by the new management team’s corporate strategy and an improving underlying market environment.
The equity provided by the CVC funds and the PAI funds, in addition to new debt financing fully underwritten by Credit Suisse, Société Générale, BNP Paribas and Credit Agricole CIB will allow the repayment of the existing Cortefiel facilities at par.
Jaume Miquel, CEO of Cortefiel, said: “We are delighted that CVC and PAI, our long-term partners, have reconfirmed their support for Cortefiel, demonstrating their commitment to the Company and its employees. We’ve seen very strong growth and solid performance across brands, and now look forward to continuing our successes, taking advantage of the stable capital structure and strong balance sheet which is being put in place as a result of the deal.”
Source: PAI Partners press release