CVC Capital Partners announced June 1 that funds advised by CVC have signed an agreement to acquire Douglas--with its 1,700-plus stores in 19 European countries--from a holding jointly held by Advent International and the Kreke family. The purchase price wasn’t disclosed, and the transaction is subject to regulatory approval.
The Kreke family has also agreed with CVC to reinvest in Douglas through a joint-holding company owned by CVC and the Kreke family. Dr. Henning Kreke continues to serve as CEO of Douglas.
“Over the past two years, Douglas has become the largest specialist-beauty retailer in Europe,” says Dr. Kreke. “It is renowned for its clear customer focus, an innovative product portfolio and an impressive in-store and ecommerce presence. We thank our employees for their continuous commitment and Advent International for the valuable support in aligning our business and positioning it for further growth. We look forward to partnering with CVC as a reliable and strong, long-term partner that will support the company with additional industry expertise and financial resources to ensure our continued growth.”??
Søren Vestergaard-Poulsen, managing partner at CVC, states, “We are delighted to have come to an agreement to acquire Douglas together with the Kreke family. Douglas is a market leader with attractive growth prospects due to its strong management team, extensive store network, leading online presence and dedicated employees. We are very much looking forward to working with the family and the management to grow this European beauty champion further over the long term.”
The acquisition of Douglas doesn’t 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.