AXA Private Equity, the private equity arm of French insurer AXA SA (EPA:CS), said it was taking a stake in German retail fashion firm Schustermann & Borenstein GmbH (S&B) from the Schustermann and Borenstein families.
The private equity firm did not disclose the value of the deal nor size of the S&B stake it would buy, but said that the family owners would keep a substantial financial interest in the company and would continue to run its business operations.
Wolfgang Pietzsch, managing director at AXA Private Equity expressed his satisfaction with the deal, saying that his company would back S&B as long-term investor and strategic partner, supporting management to carry out its strategy.
Meanwhile, Daniel Schustermann and Daniel Borenstein, the managing partner and managing director of S&B respectively, welcomed AXA Private Equity as partner, saying they were confident that the new investor would help the fashion trader implement its growth plans, they added.
S&B has two membership-based fashion stores in Munich and owns the exclusive online shopping community BestSecret.com.
The target firm also exports clothing to eastern European and other non-European Union countries.
According to informed sources cited by Reuters, the transaction values S&B at EUR300m (USD372m).
Axa Private Equity manages or advises USD28bn worth of investments in Europe, North America and Asia.