Charterhouse Said to Value Nocibe at $807 Million in Sale
Charterhouse Capital Partners LLP’s sale of Nocibe SA may value the French fragrance and cosmetics retailer at about 600 million euros ($807 million), according to two people with knowledge of the process.
The buyout firm, based in London, hired banks to sell the competitor of Sephora SA, a unit of LVMH Moet Hennessy Louis Vuitton SA (MC), and may draw interest from private equity buyers such as Advent International Corp. and PAI Partners and companies including Galeries Lafayette SA, said the people, who declined to be identified because the process isn’t public.
The retailer, which Charterhouse bought from Bridgepoint Advisers Ltd. in 2006, also competes with Marionnaud Parfumeries SA, a French cosmetics chain owned by Hutchison Whampoa Ltd. (13)’s A.S. Watson retailer. Charterhouse, which owns a controlling stake in Nocibe, acquired it for 490 million euros, according to its website.
A representative for Charterhouse declined to comment. Emilie Dufour, a spokeswoman for Nocibe, could not immediately be reached for comment.
An official at Advent, owner of Douglas Holding AG (DOU), a German cosmetics retailer, declined to comment on their potential interest. A spokeswoman for Galeries Lafayette couldn’t immediately comment. A spokesman for PAI wasn’t immediately available for comment.
The sales process is expected to kick off within the next two months, two people familiar with the process said.
Nocibe, based in Villeneuve d’Ascq near Lille in France, sells its own beauty products as well as others such as La Petite Robe Noire fragrance by Guerlain and Tommy Guns shampoo. It has about 450 outlets in France, according to its website.
Nocibe may be valued at around 10 times earnings before interest, taxes, depreciation and amortization of about 60 million euros, the people said. That would imply a valuation of about 600 million euros, which would include equity and debt. The company, which has 3,000 employees, was created in 1984 and had sales of 670 million euros in 2011, the website shows.
Hutchison Whampoa acquired Marionnaud in 2005 for 758 million euros, or about 10 times Ebitda, according to data compiled by Bloomberg. L’Oreal SA (OR) acquired Body Shop International Plc for about 12 times Ebitda in 2006, while Advent agreed last year to buy Douglas Holding for 7.2 times Ebitda, the data show.
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