PARIS, France – PPR SA, the French owner of Gucci, said one of the Swedish buyout firm Nordic Capital’s funds agreed to buy Ellos and Jotex, two Scandinavian online home and apparel brands owned by its Redcats unit, for an enterprise value of 275 million euros ($364 million).
The transaction, which is subject to approval from competition authorities, should be completed “in the coming months,” PPR said in a statement today. Rothschild acted as financial adviser and Vinge acted as legal advisor to PPR in the transaction, the Paris-based company said.
PPR is shedding Redcats in pieces, having sought a buyer for the unit since 2010. The company agreed in December to sell its OneStopPlus large-size clothing business to two private- equity firms for an enterprise value of $525 million. Jotex sell homewares such as curtains and bedding online while Ellos also offers clothing and toys by mail-order.
“The sale of Ellos and Jotex will mark a further step forward in the transformation of PPR into a global leader in apparel and accessories within the luxury and sport & lifestyle sectors,” PPR said in the statement.
PPR shares rose as much as 0.9 percent to 173 euros in Paris trading and gained 0.4 percent as of 9:32 a.m.
–Written by: Celeste Perri; Editors: Marthe Fourcade, Robert Valpuesta