Douglas perfumery chain likely to be sold; bidders include CVC, KKR, LVMH
{https://www.boersen-zeitung.de/index.php?li=1&artid=2015085061&titel=Es-duftet-nach-Verkauf}
Douglas, the German perfumery chain, looks likely to be sold to a bidder such as CVC, KKR or LVMH, Boersen-Zeitung reported.
The German-language daily, without identifying sources, said the investment firms CVC and KKR are said to be among interested parties, as is the French luxury goods company LVMH.
The report added it is unclear whether there is also a fourth bidder, which may be an Asian entity but is not the Hong Kong-based businessman Li Ka-shing. The US-based pharmaceuticals company CVS Caremark is thought to be out of the running.
The newspaper learned from its sources that the business is reckoned to be worth between EUR 2.5bn and almost EUR 3bn, although initial hopes were for a valuation in excess of EUR 3bn.
The daily cited unidentified sources as saying that Douglas, offers for which must arrive by 22 May, will probably be sold to a bidder, as opposed to the option of an IPO for which preparations are also proceeding. The business' owners, the investment firm Advent and the Kreke family, are said to prefer the IPO option, the report said.
The dual-track process is advised by JP Morgan and Goldman Sachs. The Kreke family owns a 20% stake, and has stated that it wishes to remain a shareholder even if Advent exits, the report said. In the event of either a sale or an IPO, the process is likely to happen swiftly and may happen before summer, the newspaper learned.