OVS acquires Charles Vogele with two financial partners

Italian department store operator OVS has acquired the Swiss fashion company Charles Vogele. OVS has completed the deal through Retail Sempione, in which it owns 35 percent, together with two other entrepreneurs.

As reported earlier on Monday, OVS and its financial partners have paid 56 million francs (about 52 million euro) to take a control stake in the ailing Swiss retailer. Through Sempione Retail, which also includes Aspen Trust Services and Retails Investment, OVS acquired 82.62 percent of the Swiss operator capital.

The takeover bid was announced two months ago and now the board at Charles Vogele had recommended that its shareholders accept the offer launched at 6.38 francs.

Charles Vogele has incurred losses since 2010 and had been looking for an investor to guarantee The continuity of its activity since then, according to Bloomberg.

The Swiss group has about 800 points of sale in Switzerland, Germany, Austria, Holland, Belgium and Eastern Europe.

In March 2015, OVS reported a 7.5 percent increase in turnover compared to the previous year. The Italian group’s shares trade on the Milano Stock Exchange, whereas Charles Vogele is listed on the Zurich Stock Exchange.