PPR to Sell OneStopPlus to Charlesbank, Webster Capital
PPR (PP) SA, the owner of Gucci and Balenciaga, has agreed to sell its OneStopPlus large-size clothing business to private-equity firms Charlesbank Capital Partners and Webster Capital.
The sale has an enterprise value of $525 million and is expected to be completed in the first quarter of next year, Paris-based PPR said yesterday in a statement.
The unit is part of PPR’s Redcats retail division. In 2010, the company said it would sell Redcats and other retail assets to focus on its luxury, lifestyle and sports brands. A challenging debt market made Redcats too expensive to sell in one piece, according to two people familiar with the matter.
Redcats sold its Avenue stores, another U.S. large-size business, to an affiliate of Versa Capital Management LLC earlier this year.
Peter J. Solomon Co. acted as financial adviser on deal, while Wachtell, Lipton, Rosen & Katz provided legal advice, according to the statement.
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