PPR in talks with U.S. private equity firm over Redcats: sources
NEW YORK |
NEW YORK (Reuters) - The Redcats mail order unit of French retail and luxury group PPR (PRTP.PA) is in late-stage talks to sell its plus-size fashion business to Boston-based private equity firm Charlesbank, according to four sources.
The deal for OneStopPlus will likely be between $400 million and $500 million, the sources said.
Earlier this month PPR's Redcats unit sold its U.S. sports and leisure business Sportsman's Guide Inc and Golf Warehouse to retailer Northern Tool + Equipment for some $215 million.
The deal follows last month's announcement of plans to spin off PPR's Fnac music and book unit and last year's sale of the Conforama furniture unit.
Last year, PPR hired Rothschild to sell off its entire Redcats business, but there was no buyer so the parent company of high-end brands including Gucci, Bottega Veneta and Yves Saint Laurent is looking to unload the unit in pieces.
Peter J. Solomon, who sources said was currently advising PPR on the process, declined to comment.
PPR, Charlesbank and Rothschild also declined to comment.
(Reporting By Olivia Oran in New York, additional reporting by Pascale Denis in Paris; Editing by Gerald E. McCormick and Maureen Bavdek)
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