PRINT THIS PAGE AXA Private Equity buys French ready-to-wear clothing retailer Camaïeu 14/01/2005. Source: AltAssets. 
 French-based AXA Private Equity has bought a controlling interest in Camaïeu, a ready-to-wear clothing chain with 442 stores in eight countries, from the Torck and Giraud-Verspieren families. The families, together with members of Camaïeu's management, have irrevocably undertaken to sell their direct and indirect interests in Camaïeu to Financière Addax, a company owned by AXA Private Equity. Financial details have not been disclosed.
The closure of this deal, scheduled for 31 January 2005, is subject to the provision of financing by Financière Addax's designated financial institutions.
Jean-Pierre Torck, founder of Camaïeu and president of the Supervisory Board, said, 'This friendly deal will allow us to sell most of our interests in Camaïeu and to diversify our family assets by founding new companies which will generate employment and social projects (eg creating homes for people suffering from cranial fractures). We will remain involved in the development of the company I founded, alongside AXA Private Equity, an internationally-renowned management company.'
After the acquisition of the controlling block, Financière Addax will begin proceedings for a planned public tender offer for all Camaïeu shares it does not already own. It will offer to buy all the shares of Camaïeu's shareholders at the same price as that paid for the controlling block (€85 per share cum 2004 dividend), AXA Private Equity and Camaïeu announced.
AXA Private Equity has offices in Paris, Frankfurt, London, New York and Singapore, and is one of the few companies to cover both direct funds and funds of funds.
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