Vivarte to distribute Besson IMs next week – source
17 JAN 2018
Privately held French clothing retailer Vivarte will start distributing information memoranda for its shoe division Besson by the end of next week, a source close to the process said. Vivarte is angling to close the sale in 1H18, the source said.
Sellside advisers include Eight Advisory (vendor due diligence) and McKinsey (strategic due diligence), according to the source. Lazard is conducting the process, according to an earlier news report.
The sellside is working off EBITDA of EUR 40m for Besson, the source said. In the financial year ended 31 August 2017, Besson generated sales of EUR 265m, it was reported.
Lazard declined to comment. Vivarte, Eight Advisory and McKinsey did not respond to requests for comment.
While the vendor is touting Besson primarily to financial sponsors, other retailers could also be invited to bid, the source said.
The planned sale follows a series of disposals as Vivarte seeks to rationalise operations and reduce its debt pile, which in June 2017 stood at EUR 600m, as reported. Last week, a news report said Vivarte is in exclusive negotiations to sell clothing brand Naf Naf to China-based La Chapelle Fashion [HKG:6116]. Also last week, a news report said local digital shoe retailer, Spartoo intends to acquire Vivarte’s Andrefootwear brand.
Last year, Vivarte, for undisclosed sums, sold shoemaker Compagnie Vosgienne de la Chaussure to sponsor Hanse Industriekapital; footwear retailer Pataugas to French delivery specialist Hopps Group; and womens’ apparel designer Kookai to Australian retailer Magi. Outside France, Spanish footwear retailer Merkal saw a buyout by sponsor OpCapita.