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Apax, Cinven to sell fashion group CBR to EQT22/02/2007. Source: AltAssets. 
 Apax Partners and Cinven have agreed to sell German fashion group CBR to EQT. CBR owns the clothing brands Street One, Cecil and One Touch. The company's turnover in 2006 was €600m. Apax and Cinven declined to comment on the return on their investment.
EQT will acquire 100 per cent of CBR for about €1.5bn, sources told Financial News Online. Apax and Cinven acquired the company as equal partners with equal shares from its founders for an undisclosed amount in December 2004.
Christian Dosch, partner at Cinven, said, 'Our growth strategy for CBR has delivered real value. We have expanded the business and enhanced its internal structures. CBR has now established a much stronger competitive position which is opening up further growth opportunities. CBR has been an extremely successful investment for us and we wish the company, its management and staff continued growth in the future.'
Christian Näther, managing partner at Apax, added, 'Vertical integration, an extremely fast time-to-market process and a strong focus on close cooperation with partners have all contributed to the success of this investment.'
Apax invests in companies across its global sectors of tech and telecom, retail and consumer, media, healthcare, and financial and business services. The firm invested in CBR in 2004 through its fifth fund, the €4.4bn Apax Europe V fund.
Cinven focuses exclusively on companies headquartered in Europe with a minimum enterprise value of €500m. Cinven made the investment in CBR from its €4.4bn Third Cinven Fund.
EQT focuses on acquiring, financing and developing medium-sized companies in Northern Europe and Greater China. EQT invested in CBR through its €4.25bn EQT V fund.
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