€38m: Change Capital Partners back MBO of Buksesnedkeren

Change Capital Partners has backed the €38m buy-out of Buksesnedkeren, a Danish manufacturer of sports and leisurewear.
Change, the only equity sponsor in the deal, provided €15m of equity, with Danske Bank providing €23m in debt.  Change now has a 75 per cent stake in the company, with existing management retaining the remaining 25 per cent.

Copenhagen-based clothing retailer Buksesnedkeren was founded in 1967. By 1972 a manufacturing facility was added to the business, which was owned by Helle and Jens Knud Lind Hansen.  The company now retails the H2O and Signal brands, the latter a rebranding of the original Buksesnedkeren name.  It markets its casualwear via department stores and sports retailers throughout Europe and generates sales over €150m.

The deal is the first continental one for Change and provides access to 15 European countries, according to a spokesman for Change. The additional markets, mainly in northern Europe as well as in Germany and Austria, made the deal attractive, he added, ”Buksesnedkeren has a strong collection of brands that can be brought to the UK via partnerships either with department stores or sporting retailers. Then there is the possibility to bolt on any complementary brands to add to the portofolio.” the spokesman said.  An exit in three to five years time is anticipated, at which point any “sensible” exit strategy would be considered, including a float.

Earlier this year Change invested in the £61m Robert Dyas buy-in as well as the £115m secondary buy-out of Hillarys Blinds, both UK retailers.