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Steilmann SE ultimates its debut at the Frankfurt Stock Exchange

By Angela Gonzalez-Rodriguez

29 Sep 2015

German apparel retailer Steilmann SE will soon trade as public company. The fashion group is preparing an initial public offering (IPO) by which the company aims to offer new shares and to list its entire share capital on the regulated market (Prime Standard) of the Frankfurt Stock Exchange in 2015.

"Over the last few years, we have developed into a leading German vertically integrated apparel group with an international footprint. With our focus on the 'Best Ager' market segment, we are ideally positioned to benefit from the growth of this attractive market", comments Dr. Michele Puller, CEO of Steilmann SE.

"We are now entering the next phase of our development, which - in line with our history - continues to envisage the constant focus in opening new points of sale. The IPO is intended to provide us with the necessary financial means to pursue our growth strategy through possible further acquisitions," further explains Puller.

Currently, the Puller and Giazzi families and the entrepreneurs Miro Radici, Edoardo Miroglio, and Donato Martinelli own the majority of Steilmann SE. None of them will be selling shares in the IPO.

Proceeds from the IPO will fuel future growth

As advanced by the company, proceeds from the IPO will originate exclusively from a capital increase and will be used primarily to finance future growth.

In this vein, Steilmann plans to achieve further growth both by opening new points of sale and through additional acquisitions. The acquisition of apparel companies could allow Steilmann SE Group to further strengthen its vertical value chain and sales network while utilising potential synergies, point out the own retailer.

Steilmann SE Group is, based on 2014 combined revenues, one of the largest apparel companies in Germany, Europe's biggest apparel market. Last year, the company generated revenues of approximately 896 million euros, ahead of the previous year´s 737 million euros. Adjusted Ebitda came in at 53.3 million euros.

These figures are based on combined financial statements, including the activities of Steilmann Fashion Group and Apanage Fashion Group, which had both been acquired at the end of the year.

Banca Imi, the investment bank of the Intesa Sanpaolo Group, is acting as Global Coordinator and Joint Bookrunner for this deal, which will become the bank´s first IPO in Germany.

Steilmann SE Group operates in more than 35 countries including the UK, France, Italy and currently has over 8,300 employees worldwide.

The German apparel group has a solid track record of business turnarounds following acquisitions and repositioning brands accordingly. Steilmann acquired Apanage and Stones brand from the Klaus Steilmann Group between 2002 and 2004.

Likewise, recalls Reuters, the fashion company acquired four insolvent Boecker department stores and returned them to profitability within two years.