CVC Capital Partners has picked a large roster of banks for a planned initial public offering of Douglas that could value the German perfume retailer at €9 billion ($9.7 billion) or more, people with knowledge of the matter said.
(Bloomberg) — CVC Capital Partners has picked a large roster of banks for a planned initial public offering of Douglas that could value the German perfume retailer at €9 billion ($9.7 billion) or more, people with knowledge of the matter said.
Goldman Sachs Group Inc., Citigroup Inc., Deutsche Bank AG, UniCredit SpA and UBS Group AG have been chosen to lead the offering, the people said, asking not to be identified discussing confidential information. Douglas is considering selling at least €1 billion of new stock in the IPO to help reduce debt, some of the people said.
Rothschild & Co. has been acting as an independent adviser to CVC as it explores a potential Frankfurt IPO of Douglas in 2024, Bloomberg News reported in August.
Deliberations are ongoing and no final decisions about the size and timing of any listing have been made, the people said. Representatives for CVC, Douglas and the banks declined to comment.
With roots dating back to 1821, Douglas operates more than 1,800 stores across Europe. The company, which generated revenue of about €3.7 billion in its 2021/22 fiscal year, has been investing in both its retail stores and online offering as part of its “Let it Bloom” growth plan.
Global IPO fundraising is down 30% this year, though the market has started to be revived in recent weeks thanks to a string of high-profile share sales. In Europe, Germany is proving to be a particular bright spot, with companies there planning listings worth at least €20 billion.
(Updates with IPO volume in last paragraph.)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.