Sun European Partners, LLP (“Sun European Partners”) today announces that one
of its affiliates intends to sell its investment in DBApparel (“DBA”), the designer and manufacturer of
branded ladies and men’s intimate apparel, to HanesBrands Inc (“HBI”) for an enterprise value of
€400M. The proposed transaction is subject to customary approvals, such as the completion of the
consultation process with the employee representatives.
Headquartered in Rueil-Malmaison, France, DBA is a market leader in the design, manufacture and
distribution of branded intimate apparel including world-renowned brands such as DIM, Playtex,
Wonderbra and Shock Absorber. The company has a strong presence in France, Germany, Italy,
Spain, UK, Belgium and a number of emerging markets. Its products are sold through traditional trade
channels including department stores, retailers, wholesalers and mail order as well as specialised
chain stores and mass market retailers.
DBA was acquired by an affiliate of Sun European Partners from the Sara Lee Corporation in 2006.
Over the last eight years, a number of operational improvements have been made within the business
which have delivered improved market share, greater brand awareness and overall improved financial
performance. These measures, combined with the support provided by the affiliate of Sun European
Partners, have enabled DBA to make a solid recovery.
Lionel de Posson, Vice President at Sun European Partners, said, “We are very proud to have
successfully contributed to the strategic repositioning and operational transformation of DBA, creating
a robust business which is now in good financial health. We believe that this proposed transaction,
which would bring together two complementary geographical market leaders, would represent a key
milestone in the turnaround strategy that we have helped to implement at DBA in recent years. We
look forward to identifying similar investment opportunities in France in the future.”
“Purchasing DB Apparel would represent another great acquisition for Hanes and a good use of our
ample cash flow to generate significant shareholder value,” Hanes Chairman and Chief Executive
Officer Richard A. Noll said. “We would be able to reunite two great companies to create significant
growth and margin-expansion opportunities.”
Contact:
Fergus Wheeler
FTI Consulting
Tel: +44 (0) 20 3727 1522