Change Capital Partners buys German clothing brand

Change Capital, owned by former chairman of Marks and Spencer Luc Vandevelde, is set to purchase the retailer from Italy’s Stefanel for €25m plus a €4m conditional earn-out.

Hallhuber is the first acquisition for Change Capital since it teamed up with Italian private equity firm Synergo to purchase Unopiù, an outdoor furniture business, in December 2006.

Stephan Lobmeyr, managing director of Change Capital, said, “We are delighted to have the opportunity to acquire Hallhuber. The business is profitable and we have put in place a prudent capital structure as we want to use the cash generated by the business to open new stores and renew the existing network.”

Susanne Hallhuber, creative director of Hallhuber, added, “I am thrilled that Hallhuber is again a standalone company and to be working on the ambitious development of the brand with the backing of Change Capital Partners with their deep experience in fashion and retail. I am feeling very optimistic as this transaction will open up new opportunities for Hallhuber.”

Change Capital hopes to repeat the success it had with Jil Sander, the German designer fashion label it bought from Prada for about €70m in 2006. Last year the firm sold Jil Sander to Japan's Onward for about a three-fold profit.

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