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Apax and Cinven complete acquisition of German fashion retailer CBR Holding

Apax Partners and Cinven are to acquire the German fashion group CBR Holding as equal partners with equal shares. Financial terms have not been disclosed.

The acquisition of the business by Cinven, which was announced in October 2004, has been completed with the syndication to Apax Partners, which is subject to approval by the EU Commission.

CBR owns the clothing brands Street One, Cecil and One Touch. It has 700 employees in over 15 countries.

Peter Gangsted, partner and head of Cinven's Frankfurt office, said, 'We will ensure that CBR is provided with the support it needs to fulfil its growth potential and expand its already successful brands nationally and internationally.'

Dr. Mirko Meyer-Schönherr, Director at Apax Partners said, 'We are looking forward to being able to include another successful fashion company in our portfolio following the investments in New Look, Calvin Klein/PVH and Morgan.'

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