Tous sells 25 percent of its capital to Partners Group
18 Jun 2015
The jewellery, fashion and accessories Spanish retailer has signed an exclusive agreement with the Swiss fund Partners Group for the sale of a quarter of its capital at about 150 million euros.
'La Vanguardia' anticipates that the operation coordinated by Morgan Stanley will close later this month, although it will not be formalised until September.
Tous hired Morgan Stanley earlier this year to advise the company on the development of its strategic plan 2015-2019. In addition the Spanish jewellery and accessories firm asked the private bank to seek for an investment partner to help growth happen.
Potential partners surveyed by the Morgan Stanley included the investment vehicle of French group LVMH, L Capital, and private equity funds Permira and Partners Group.
As reported by the Catalan newspaper, L Capital fell out of the bidding for Tous just two weeks ago and last week, the Tous family – founder sand majority owners of the namesake company - finally chose the Swiss group.
Partners Group manages a portfolio worth 37,000 million euros.
Tous annual turnover reached 371 million euros in 2014, of which more than half was registered outside Spain. In the domestic market, sales grew 11.7 percent.
For the current year, the strategic objective of the company is "the consolidation and expansion of the brand throughout the world," with a focus on Asia, China and Middle East.