KKR to Partner With Management to Acquire SMCP Group
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KKR to Partner With Management to Acquire SMCP Group

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KKR is a private equity company with over $75 billion in assets. It is based out of New York City and was co-founded by cousins Henry Kravis and George R Roberts. KKR is to Partner With Management to ...

KKR is a private equity company with over $75 billion in assets. It is based out of New York City and was co-founded by cousins Henry Kravis and George R Roberts. KKR is to Partner With Management to Acquire SMCP Group which ones several fashion lines.

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    KKR to Partner With Management to Acquire SMCP Group KKR to Partner With Management to Acquire SMCP Group Presentation Transcript

    • KKR to Partner withManagement to AcquireSMCP GroupKKR is a private equity group with $75 billion in assets, basedout of New York City. It was co-founded by cousins HenryKravis and George R Roberts.
    • KKR is investing in SMCP Group to drive further growth under strong leadership of currentmanagement team and to create a global leader in affordable luxuryPARIS & LONDON--(BUSINESS WIRE)-- Kohlberg Kravis Roberts & Co. LP (together with itsaffiliates, "KKR") and SMCP Group (Sandro, Maje and Claudie Pierlot) ("SMCP" or "theCompany"), a leading ready-to-wear affordable luxury apparel retailer, today announced thatKKR signed a definitive agreement with SMCPs current shareholders to acquire a majoritystake in the Company alongside its management team. KKR will own approximately 65% ofthe Companys share capital with management retaining approximately 35%. The agreementremains subject to regulatory approvals and customary closing conditions."I have created this beautiful family history with my sister, Judith Milgrom, and I am pleased toembark on a new phase of our lives with KKR. Alongside Elie Kouby and Frédéric Biousse,Judith and I are reaffirming our full commitment to the business and have great ambitions forthe group: building a global leader in the affordable luxury segment", said Evelyne Chétrite,President of SMCP Group."We are excited to partner with KKR", added Frédéric Biousse, the CEO of SMCP Group. "Weare proud of the Companys strong development over the recent years and would like to thankour shareholders L Capital and Florac for their support. We look forward to working with KKRas we accelerate the international expansion of our brands, particularly in the United Statesand Asia. KKRs global presence and extensive experience and track-record in theinternational retail sector will be important assets in helping us continue our growth trajectory".
    • Jacques Garaïalde, Partner and Managing Director in charge of KKRs French operations,added, "SMCP is a remarkable business with an outstanding management team. TheCompany has developed strong French brands with international appeal, and high qualityproducts at affordable prices that meet the needs of consumers around the world. We arepleased to support the team in their growth strategy".Over the past five years, the Company has experienced significant growth driven by acombination of like-for-like growth and new store openings across its four brands: Sandro,Sandro Men, Maje and Claudie Pierlot. Today, the Company has established a leadingposition in the French affordable luxury segment and a fast-growing international businesswith strong positions in Europe and a growing presence in the USA and more recently Asia.SMCP operates more than 570 points of sale, and generated a turnover of 350 million euros in2012. Approximately 150 new store openings are planned for 2013, mainly outside France."We are delighted to have accompanied SMCP Group during the last couple of years of rapiddevelopment and we wish the managers, founders and KKR much success", added DanielPiette and Eduardo Velasco from L Capital and Léopold Meyer from Florac.KKR was advised by Rothschild & Cie and SMCP Group was advised by J.P. Morgan andLeonardo & Co.
    • About SMCP GroupSMCP Group is a leading apparel retailing group, operating in the attractive affordable luxuryapparel segment across four brands: Sandro, Sandro Men, Maje and Claudie Pierlot. Sandroand Maje were founded by Evelyne and Didier Chétrite and Judith Milgrom and Alain Moyal inthe late 1980s and 1990s, respectively. In 2007, Evelyne and Judith were joined by FrédéricBiousse and Elie Kouby to accelerate the development of their brands. Claudie Pierlot wasacquired in early 2009 and SMCP Group was subsequently created in 2010 upon aninvestment made by L Capital and Florac. SMCP Group developed a unique and effectivebusiness model: combining luxury codes (marketing & communication, shopping experience)with creative design content and high-quality fabrics while leveraging best practices from thefast fashion industry (short collection cycles and reactivity to market trends supported by anefficient supply chain). Having already opened 69 retail outlets in North America over the last18 months, Sandro, Maje, and Claudie Pierlot also have five stores in Hong Kong and willopen their two first stores in Shanghai in July, followed by four additional stores by the end ofthe year.About KKRFounded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading globalinvestment firm with $75.5 billion in assets under management as of December 31st, 2012.With offices around the world, KKR manages assets through a variety of investment funds andaccounts covering multiple asset classes.
    • KKR seeks to create value by bringing operational expertise to its portfolio companies andthrough active oversight and monitoring of its investments. KKR & Co. L.P. is publicly tradedon the New York Stock Exchange (NYSE: KKR), and "KKR," as used in this release, includesits subsidiaries, their managed investment funds and accounts, and/or their affiliatedinvestment vehicles, as appropriate.ShareholdersL Capital: Eduardo Velasco, Philippe Franchet and Manal SalehFlorac: Léopold Meyer, Olivier Golder and Gautier PreneyAdvisersBuyers: Rothschild & Cie (Laurent Baril), Bredin Prat (Sébastien Prat), Simpson Thacher &Bartlett, Landwell, McKinsey, Roland Berger, Anne Beall, Deloitte.Sellers: JP Morgan (Séverin Brizay), Leonardo & Co (Laurance Danon), The FinancialCompany of Edmond de Rothschild, SJ Berwin (Jérôme Jouhanneaud), DLA Piper (MichelFrieh), Shearman & Sterling (Guillaume Isaultier), KPMG (Axel Rebaudières and VincentDelmas), Taj (Sophie Blegent-Delaphille), Oloyrn (Frédéric Jannin and Eric Lesieur).
    • KKRImage 7Estelle Guillot-Tantay+ 33 1 53 70 74 93orRLM FinsburyMichael Turner / Nina Suter+44 207 251 3801Source: KKRNews Provided by Acquire Media