Fri, 27 May 2011 | BUSINESS SALE
Redcats, the online retailer and mail order business, may be sold off by its parent, the upmarket French retail group PPR.
Redcats owns La Redoute clothing and homeware catalogue; Verbaudet, a catalogue that sells children's clothing; Stella McCartney Kids; and OneStopPlus, the online seller of clothing for plus-sized women - all of which operate in the UK.
The sale is expected to take place in the second half of this year with an estimated price of around €1.35 billion (£86.7 million). It is understood that Rothschild has been appointed by PPR - behind luxurious brands including Alexander McQueen, Gucci and Stella McCartney - to arrange staple financing that could be used to fund a private equity buy-out deal.
Paris-based PPR is also lining up the Fnac electronics and media business for disposal, in order to focus its energy on its luxury brands and a lifestyle and sports arm headed by Puma.
Redcats, which has been identified as a ripe target for private equity investors, reported sales of €3.43 billion for 2010, representing a 1.5 per cent increase, with operating income of €165 million, a rise from the €100 million recorded the year before.
Staple financing is a pre-arranged finance package provided to potential buyers to fund a business purchase.
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