M&A Deal Summary

PAI Partners and CVC Capital Partners Acquire Tendam

On September 1, 2005, private equity firms PAI Partners and CVC Capital Partners acquired retailer Tendam for 1.8B EUR

Acquisition Highlights
  • This is PAI Partners’ 3rd and CVC Capital Partners’ 8th transaction in the Retail sector.
  • This is PAI Partners’ 3rd and CVC Capital Partners’ 10th largest (disclosed) transaction.
  • This is PAI Partners’ 2nd and CVC Capital Partners’ 9th transaction in Spain.

M&A Deal Summary

Date 2005-09-01
Target Tendam
Sector Retail
Buyer(s) PAI Partners
CVC Capital Partners
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 1.8B EUR

Target

Tendam

Madrid, Spain
Tendam is a specialist apparel retailer in Spain, operating a multi-format network with three main concepts: Cortefiel (medium to high quality classic clothing for men and women over 30 with a strong brand recognition in its home market); Springfield (18-30s fashion with a casual, contemporary look at value prices) and Women's Secret. Tendam was founded in 1880 and is based in Madrid, Spain.

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Buyer(S) 2

Buyer

PAI Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 16.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.


DEAL STATS #
Overall 22 of 92
Sector (Retail) 3 of 6
Type (Buyout (LBO, MBO, MBI)) 19 of 30
Country (Spain) 2 of 7
Year (2005) 7 of 9
Size (of disclosed) 3 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Chr. Hansen A/S

Horsholm, Denmark

Chr. Hansen Holding A/S develops, produces and markets unique and innovative savory solutions (the non-sweet taste spectrum), including flavors, seasoning compounds and functional ingredients for the food industry, with special emphasis on the fields of processed meat and convenience food.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-01 Global Closure Systems

Paris, France

Global Closure Systems Ltd. is a designer and manufacturer of plastics closures for consumer packaging offering a wide range of stock and custom designs and also producing a number of aluminium closures used for spirits and water packaging; over 38 billion closures are produced annually.

Buy €583M
Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


DEAL STATS #
Overall 92 of 323
Sector (Retail) 8 of 20
Type (Buyout (LBO, MBO, MBI)) 71 of 122
Country (Spain) 9 of 19
Year (2005) 7 of 10
Size (of disclosed) 10 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-29 Chevrillon Philippe Industrie SA

Boulogne-Billancourt, France

Chevrillon Philippe Industrie (‘CPI’), the world’s largest monochrome book manufacturer, printing two million books daily in five countries. The company was established in 1996 and is now a world leader with dominant positions in several markets including the Netherlands, Germany and France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-30 Elster Group SE

Essen, Germany

Elster Group SE is a manufacturer and supplier of integrated utility meters. The meters manufactured by Elster are used to measure energy, gas and water consumption of residential customers and industrial consumers.

Buy -