MADRID, 17 Dic. (EUROPA PRESS) -
Tendam Brands, which has brands such as Women'secret, Springfield, Cortefiel, Pedro del Hierro or Hoss Intropia, among others, is advancing its plans to go public in the first half of next year with a valuation that could be between 2,000 and 2.5 billion euros, according to what market sources have told Europa Press.
To this end, its owners, the CVC and PAI funds, have hired JP Morgan, BNP Paribas and Citi in order to carry out the operation to return to the stock market, one of the options that the company is exploring, without ruling out other alternatives.
The company has declined to comment on the matter, although its CEO and president, Jaume Miquel, assured at the end of November that the fashion group will consider going public when the market is open, but that he was not worried about being the first to do so.
"We are not worried about being the first to go public; when the market is open again, we will see. The board valued a strategic move and a listing could be possible," he said during his participation in the Esade Breakfasts.
In that forum he pointed out that the fashion group is prepared to list again, since it has an "attractive, sustainable and profitable" business model, in addition to being "proven."
The company recorded a growth in its gross operating result (Ebitda) of 8.2% in the first half of its fiscal year 2023, up to 151 million euros, and 5% in total income, up to 606, 2 million euros.
Miquel also highlighted in the presentation of results that the "solid" operational and financial performance of the plan implemented in recent years, the consistent evolution in sales and profitability and the recent endorsement of improvements in credit rating forecasts by the main Rating agencies mean that Tendam and its shareholders are evaluating possible strategic alternatives to take the company to its next phase of growth, including the possibility of a public offering of its shares in a regulated market.
The company was listed on the stock market from July 14, 1994 until the end of March 2006, almost a year after CVC, PAI and Permira reached an agreement to divide control of the firm into three equal parts, now only two following Permira's departure in July 2017.
The three venture capital funds landed in the textile company in June 2005 and delisted it from the stock market after acquiring majority control of the firm owned at that time by the Hinojosa family for an amount of 1,440 million euros.
In the summer of 2017, CVC and PAI acquired the stake it held in the Cortefiel Group from Permira in an operation that valued the firm at 1,000 million euros.
Specifically, both venture capital funds, which until now each held 33% of Grupo Cortefiel's shareholding, bought the other 33% from Permira, so that they remained the sole equal owners, already appearing among its plans the company's IPO.
The company is present in nearly 80 countries on four continents and has more than 1,800 points of sale, distributing through its own stores, e-commerce and franchises.