By Adria Calatayud
German cosmetics retailer Douglas Group, backed by CVC Capital Partners, plans an initial public offering on the Frankfurt Stock Exchange.
The company said it aims to raise around 1.1 billion euros ($1.19 billion), including primary proceeds of the IPO and an additional equity injection of around EUR300 million from current shareholders. Proceeds will be used to reduce debt, the company said Monday.
CVC will continue to hold an indirect majority interest in Douglas Group after completion of the IPO, while the Kreke family will also remain an indirect shareholder, the company said.
The company said the IPO could be completed in the first quarter of 2024, subject to market conditions.
Dusseldorf-headquartered Douglas generated sales of EUR1.56 billion for the quarter ended December, up from EUR1.44 billion a year before. After-tax profit grew by 11% to EUR125.2 million, while adjusted earnings before interest, taxes, depreciation and amortization increased 13% to EUR348.3 million, it said.
Write to Adria Calatayud at adria.calatayud@wsj.com
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