Apax, the private equity company behind value retailer New Look, has acquired German value clothing company Takko Fashion.
Apax bought Takko from US private equity business Advent International for an undisclosed sum. Sources told newswires that Apax would acquire Takko for about €1.3bn (£1.1bn). The deal is set for completion in the spring.
Takko has about 1,500 stores in 15 European countries and employs about 12,500 people.
In the year to October, Takko said EBITDA was €171m (£145m) on a turnover of about €1bn (£849m).
Takko opened 500 stores in the last four years and debuted in nine new markets.
Christian J. Näther, partner at Apax Partners, said: “Apax’s investment focus is on growth companies. We fully support the successful management team, led by chief executive Stephan Swinka, in pursuing its chosen growth course.
“Takko offers attractive fashion at affordable prices and is exceptionally well positioned to benefit from the above average growth of the value segment of the fashion market. We regard the Takko concept as having enormous potential for expansion, but also further opportunities for sales productivity growth.
Takko will continue to roll out stores in Germany and overseas. It is unclear whether it will come to the UK.