DGAP-News: TOM TAILOR Holding AG: TOM TAILOR Holding AG Acquires BONITA and Enters an Attractive New Market
(firmenpresse) - DGAP-News: TOM TAILOR Holding AG / Key word(s): Acquisition
TOM TAILOR Holding AG: TOM TAILOR Holding AG Acquires BONITA and
Enters an Attractive New Market
20.06.2012 / 19:33
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TOM TAILOR Holding AG Acquires BONITA and Enters an Attractive New Market
Segment
- New heavyweight in the fashion sector with two strong, complementary
brands
- Excellent combination of retail expertise and product competence
- Store portfolio increases to more than 1,350 stores
- Acquisition will already make a positive contribution to earnings per
share in 2012
Hamburg, 20. June 2012. TOM TAILOR Holding AG acquires BONITA, one of the
leading German fashion retailers. TOM TAILOR Holding AG has entered into a
definite agreement with BONITA International GmbH&Co. KG, a wholly owned
subsidiary of the non-profit foundation Versorgungs- und
Förderungsstiftung, Vaduz/Liechtenstein, to acquire a 100% stake in BONITA.
With the acquisition of BONITA, TOM TAILOR is expanding into the attractive
fashion segment for women and men in the customer group over 40 years. In
addition to its lines TOM TAILOR Casual and TOM TAILOR Denim, the Group is
exploiting a new, long-term area of growth. BONITA currently operates more
than 960 of its stores under the brands BONITA and BONITA men and has
around 4,500 employees. The company, which was founded in 1969 and is
headquartered in Hamminkeln, generated sales of approximately EUR 379
million, adjusted EBITDA of EUR 59 million and an operating cash flow of
EUR 50 million in the calendar year 2011. With an adjusted EBITDA margin of
15.7% and a cash conversion rate of 84.3%, BONITA is one of the industry's
most profitable and cash-generative companies.
TOM TAILOR plans to operate BONITA as an independent brand within the
Group. Following the acquisition, TOM TAILOR Holding AG will operate more
than 1,350 own retail stores, predominantly in its core markets Germany,
Austria, Switzerland and the Benelux countries, and have over 6,100
employees. In 2011, the new Group would have generated pro-forma sales of
EUR 790 million and adjusted EBITDA of EUR 108 million.
'The takeover makes perfect sense for TOM TAILOR and BONITA, from both a
strategic and an operational perspective. BONITA is considered one of the
best retail organisations in German and European textile trading. TOM
TAILOR is recognised for its analytical design and product development
process and its ability to respond quickly and flexibly to market trends.
These qualities have enabled us to grow faster than the market for several
years. With the acquisition we create a new heavyweight in the European
fashion industry with two strong brands, as well as core competencies and
market segments which excellently complement each other,' said Dieter
Holzer, Chairman of the Management Board (CEO) of TOM TAILOR Holding AG.
BONITA sells its women's and men's collections in a highly standardised
system and exclusively through its own retail stores, which are supplied
with new merchandise on a daily basis. In 2010, BONITA began operating a
fully automated retail logistics warehouse at its facility in Hamminkeln,
which has the capacity to meet the needs of additional 1,000 stores. The
entire retail organisation is managed by using a modern, SAP-based IT
platform. BONITA plans to openaround 50 new stores, primarily in Germany,
Austria and Switzerland, in the current financial year which runs until the
end of February 2013. BONITA also operates in the Benelux countries and,
like TOM TAILOR, recently opened its first stores in Poland.
'With TOM TAILOR Casual and TOM TAILOR Denim, we currently have two strong
brands which enable us to focus on various target groups in the age range
of 0 to 45 years. Through the acquisition of BONITA we also become one of
the leading suppliers in the attractive over-40 target group,' explained
Dieter Holzer. 'This particular target group has a strong purchasing power
and, according to recent studies, demands more fashionable clothing. At the
same time, there is only a small number of well-established suppliers
active in this segment. This provides BONITA, as part of our Group, with
considerable additional growth opportunities. In addition, we see potential
for considerable synergies, such as in the areas of procurement and
logistics. For example, BONITA will benefit from our expertise in
developing products quickly and in response to customer needs, as well as
from our efficient sourcing organization in Asia.'
Purchase Price to be Paid with a Combination of Cash and Shares
TOM TAILOR will pay part of the purchase price in the form of a EUR 150
million cash consideration. The seller will also receive about EUR 6
million new TOM TAILOR shares from a capital increase in kind from
authorised capital and, as a result, will participate in the future value
creation of the company. In addition, subject to a positive capital market
environment, TOM TAILOR plans to make a cash capital increase, excluding
subscription rights, of approximately 1.65 million new shares. Following
the completion of this transaction, the seller will hold a 24.9% stake in
TOM TAILOR and will not exceed this threshold in the long term. The new TOM
TAILOR shares granted to Versorgungs- und Förderungsstiftung are subject to
a three-year lock-up period and can therefore not be traded in that period.
The total cash payment of EUR 150 million is funded by long-term debt.
Following the acquisition, the leverage of TOM TAILOR Holding AG at
year-end 2012 will not exceed 2.5 times the combined EBITDA. The Management
Board of TOM TAILOR is convinced that the acquisition will already make a
positive contribution to earnings per share in the current financial year.
The transaction is subject to the approval of antitrust authorities and is
expected to be completed in August 2012.
About TOM TAILOR
TOM TAILOR - Casual fashion for a casual life!
The TOM TAILOR Group is an international and vertically integrated
lifestyle company. It offers stylish casual wear and accessories for men,
women, teenagers and children in the medium price range. Since the
Company's establishment in 1962 its authentic fashions have highlighted a
positive and light-hearted attitude to life. Every year 12 collections are
developed for each of the product lines TOM TAILOR Casual and TOM TAILOR
Denim. The fashion sphere is completed by an extensive array of licences.
The Group distributes its collections via the wholesale and retail
segments. TOM TAILOR is a dynamic company that has been growing and
expanding continuously for many years. At the end of March 2012, TOM TAILOR
was represented in more than 35 countries by 258 retail stores, the TOM
TAILOR e-shop, 157 franchise stores, 1,867 shop-in-shops, and over 6,300
multi-label points of sale. The TOM TAILOR Group generated sales of EUR
411.6 million (2010: EUR 347.7 million) in financial year 2011. In the
first quarter of the current financial year the Group reported sales of
103.6 million (Q1 2011: EUR 86.3 million). TOM TAILOR employs 1,626 people
worldwide (as of March 31, 2012).
Information also available at www.tom-tailor.com.
About BONITA
BONITA is one of the leading European fashion brands in the area of
combination fashion for women and men over 40 years of age. The ability to
combine clothing items of excellent quality and suitability which can be
used as coordinate outfits is at the heart of BONITA's fashion and forms
the basis for its collections. The collections are created exclusively for
BONITA and are characterised in particular by attention to detail, perfect
suitability and extraordinary colour precision. Friendly and expert
customer consultation is part of the company philosophy. BONITA, which was
founded in 1969, also has stores in Austria, Switzerland, the Netherlands
and Belgium. The company has also been active in the Polish market since
2012. BONITA currently operates 962 stores and has around 4,500 employees
(31 May 2012). In financial year 2011/12 which ended on February 29, 2012
the company generated sales of EUR 379 million.
Information also available at www.bonita.de
Press and investor contact
Dr. Andrea Rolvering
Head of Investor Relations&Corporate Communications
TOM TAILOR Holding AG
Phone.: +49 (0) 40 58956-429
Fax: +49 (0) 40 58956-199
Email: anr(at)tom-tailor.com
Erika Kirsten
Corporate Communications
TOM TAILOR GmbH
Phone.: +49 (0) 40 58956-420
Fax: +49 (0) 40 58956-199
Email: ek(at)tom-tailor.com
Information also available at www.tom-tailor.com.
End of Corporate News
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Language: English
Company: TOM TAILOR Holding AG
Garstedter Weg 14
22453 Hamburg
Germany
Phone: +49 (0) 40 589 56 0
Fax: +49 (0) 40 589 56 398
E-mail: info(at)tom-tailor.com
Internet: www.tom-tailor.com
ISIN: DE000A0STST2
WKN: A0STST
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg;
Freiverkehr in Berlin, Düsseldorf, Hannover, München,
Stuttgart
End of News DGAP News-Service
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174828 20.06.2012
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Datum: 20.06.2012 - 19:33 Uhr
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