Sara Lee sells European branded apparel unit to Sun Capital
06 Feb '06
2 min read
Apparel maker Sara Lee Corporation has completed the sale of its branded apparel business in Europe to an affiliate of Sun Capital Partners Inc, a leading, US private investment firm based in Boca Raton, Fla.
The Sun Capital affiliate paid Sara Lee approximately €100 million in cash plus potential contingent payments based on the future performance of the business.
Brenda Barnes, Chairman and Chief Executive Officer, Sara Lee Corporation said, "The sale of the European branded apparel business furthers Sara Lee's strategy to simplify our portfolio and focus on growing our core food, beverage, and household and body care businesses."
"As we approach the one-year milestone of transforming Sara Lee into a more disciplined, high-performing company, I am pleased with the improvements that have been made and the results that have been delivered by Sara Lee employees around the world in such a short amount of time," Barnes added.
The enterprise being sold by Sara Lee includes its European-based branded apparel business with key markets in France, Germany, Italy, Spain, United Kingdom and throughout Eastern Europe. With such well-known brands as Dim, Playtex, Wonderbra, Lovable, Abanderado, Nur Die and Unno, this business generated nearly $1.2 billion in sales in fiscal year 2005, which ended July 2, 2005.
Sara Lee Courtaulds, the UK-based division that manufactures private-label clothing for retailers, is not part of this sale. It continues to explore its options in regard to the sale of the Sara Lee Courtaulds business, which generated nearly $560 million in sales in fiscal year 2005.
Sara Lee Corporation is a Chicago-based global manufacturer and marketer of high-quality, brand-name products for consumers throughout the world.
In February 2005, the company began executing a bold and ambitious multi-year plan to transform Sara Lee into a company focused on its food, beverage, and household and body care businesses around the world.
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