Business of Fashion: Kurt Geiger Acquired for $372 Million
British footwear company and retailer Kurt Geiger has been acquired by Europe-based private equity firm Cinven for 245 million pounds, or $372 million at current exchange.
The transaction is subject to customary approvals, however; CEO Neil Clifford, CFO Dale Christilaw and creative director Rebecca Farrar-Hockley are expected to continue in their roles under Cinven ownership.
Geiger’s portfolio includes Kurt Geiger London, KG, Miss KG and Carvela and operates more than 80 stores worldwide. The company was put up for sale earlier this year and the long wait for acquirement was reportedly due to its high valuation. The company’s earnings before interest, taxes, depreciation and amortization was reported as roughly 25 million pounds, or $38 million.
Senior principal at Cinven, Charles Miller-Jones commented: “Kurt Geiger has delivered strong growth through the cycle, whilst enjoying high cash conversion. Working together with management, we see real potential to develop further the omnichannel offering, as well as expand the business internationally.”
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