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...The industry has also recently taken several large companies public, including dermatology business Galderma and fashion retailer Douglas....
...Analysts who cover the stock have a poor outlook on the company, with 23 per cent of those tracked by Bloomberg providing a “sell” rating while 70 per cent have rated it “hold”....
...Is the younger Douglas particularly religious? “I’m not, but I’m proud to be a member of the tribe. My mother was Episcopalian and as I grew up, I wasn’t considered a Jew....
...In 2024. hell for private equity firms is a clogged IPO market and a backdrop of dormant M&A interest. They have been trapped with a “towering backlog” of an estimated $3tn of assets to sell....
...The large posse of financial advisers must have suspected that Douglas would be a hard sell. They had collected extensive fund manager feedback from months of pre-marketing....
...“I’m very happy with them.” This article has been amended since publication to clarify that the valuation Douglas is seeking includes debt...
...The catalyst was a goal to quadruple profits in the next four years and sell its electric aircraft division....
...Douglas intends to sell €800mn of new shares to outside investors while CVC and other existing shareholders also plan to inject €300mn into the company as part of the IPO....
...Some existing shareholders will sell stock and one backer, Blue Owl, is planning to increase its stake....
...But it was able to sell just $15bn in investments, a steep decline from the $18bn of assets it sold in the first quarter of 2023....
...While luxury brands leapfrogged platforms such as Farfetch and Yoox Net-a-Porter to sell clothes directly to consumers, that’s harder to pull off for lower-ticket items such as lipsticks....
...“The relentless M&A and the de-equitisation, the lack of refilling the hopper is starting to bite quite hard,” he said. “I’m not convinced the IPO market is going to open soon.”...
...Pick pointed to pressure on private equity firms to sell existing assets and deploy new funds and big companies’ need to overhaul supply chains as drivers for more investment banking activity....
...“I’m quite happy about it and I [shall] go on working for as long as I want to.”...
...White & Case has hired Keith Hallam as an M&A partner in New York. He was previously a longtime partner at Cravath....
...Some existing shareholders will sell stock and one backer, Blue Owl, will increase its stake....
...Dear reader, After a week off, I’m catching up on the Lex column’s output myself. And there is plenty to chew over....
...Bluegem, which originally bought its 79 per cent stake in 2020 for €52mn, will sell its position to PAI and then buy back in for about 47 per cent....
...After five years of ownership, CVC still owned Douglas when the pandemic hit....
...Buyout groups sit on a record number of assets, and face pressure to sell some of their portfolio companies and return capital to their backers....
...M&S struck a deal to buy half of Ocado Retail, the online supermarket, in 2019 as it sought to sell more food online....
...Shares in the CVC-owned German beauty retailer Douglas fell as much as 9 per cent in their Frankfurt debut last month....
...M&S operates 244 full-line stores, with plans to cut them to 180 by 2028, and it mostly sells own-brand clothes — although it has been adding more third-party labels and has dropped its dowdy ranges to lure...
...Last week, German beauty retailer Douglas, a business backed by private equity group CVC Capital Partners, announced plans to list in Frankfurt seeking a valuation of about €6bn....
...Galderma, which sells everything from acne treatments to injectables for eliminating wrinkles, could list as soon as this month, chief executive Flemming Ornskov told the Financial Times on Wednesday....
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