Swedish company RNB Retail and Brands AB recently signed an agreement to sell childrenswear brand Polarn O. Pyret to Procuritas Fund VI for a preliminary value of SEK 330 million on a cash and debt-free basis. RNB earlier announced a process to separate the group subsidiaries and divest those to stable and suitable owners. The transaction is expected to take place during this financial quarter.
Procuritas is a private equity investor, focused on investing in and growing Nordic mid-market companies.Sweden's RNB Retail and Brands AB has signed an agreement to sell Polarn O. Pyret to Procuritas Fund VI for a preliminary value of SEK 330 million on a cash and debt-free basis. It earlier announced a process to separate its subsidiaries and divest those to stable and suitable owners. The transaction is expected to take place during this financial quarter.#
The divestment of the business of departments and stores was undertaken earlier this year.
The deal is subject to final formal approval from RNB Retail and Brand’s shareholders and the Swedish Competition Authority, the company said in a press release.
The process to find a suitable solution for the remaining group, including Brothers, is under way.
Fibre2Fashion News Desk (DS)
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