AXA Private Equity acquires German teleshopping channel HSE 24

HSE24 is the second largest teleshopping channel in Germany after QVC, and reported revenues of €352m in 2008.

Arcandor, HSE24’s owner, reportedly filed for bankruptcy protection in June after the German government rejected a request for loan guarantees.

Stephan Illenberger, managing director of AXA Private Equity Germany, said, “As a strong investor, we are pleased to secure the future of HSE 24. AXA Private Equity’s involvement will provide the company with a solid foundation for the future, especially for the employees, who are our main priority at the moment. We understand this market, and this acquisition complements our existing portfolio, including Competence Call Center.”

Klaus Hubert Görg, Arcandor group company liquidator, added, “With the sale of the shopping broadcaster, we can directly save around 500 jobs. Just as important, however, is that, as a consequence of this sale, we have also taken a major step towards finding solutions to the call centre issue. The future of the Primondo call centres is directly connected to the services required by the shopping channel.”

AXA Private Equity operates from offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna.

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