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Swire Pacific Ltd Bids For Groupe SMCP-DJ

Wednesday, 27 Feb 2013 02:54am EST 

Dow Jones reported that Swire Pacific Ltd is in second-round bids for Groupe SMCP, which owns the French Sandro, Maje and Claude Pierlot brands. Swire Pacific Ltd is among four bidders that made it to the second round of bidding. The other bidders are all PE firms, KKR, Carlyle Group and Paris-based Eurazeo. Maje and Sandro are separate brands, started by two sisters. The group has 550 POS stores (stores, corenrs and affiliates) in France, UK, Spain and Germany. Turnover was EUR 350 million in 2012. The three brands, Sandro, Maje and Claudie Pierlot, are owned by Groupe SMCP. SMCP is 51% owned by LVMH's private equity arm L Capital and France's Florac SAS, with the remaining 49% held by the two sisters who created Maje and Sandro. The initial first-round bid valued Groupe SMCP's enterprise value at more than EUR 650 million on combined sales of over EUR 300 million and EUR 60 million Ebitda. From a multiple basis, it's over 10x Ebitda and 2x sales. It's on the higher end given the brands ink less than 10% Ebitda margin, but it also implies a strong view concerning sales growth. 

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24 Oct 2014