CVC CAPITAL Partners has struck a deal with Advent International to acquire German perfume retailer Douglas.
The move comes just days after the German retailer announced plans for an initial public offering (IPO) which, had it gone ahead, could have seen the firm valued at €2.8bn (£2bn).
As well as negotiating the deal with Advent International, approval was also granted by the Kreke family who originally founded Douglas, and who stated their intention to reinvest in the firm through a joint venture with CVC.
Soren Vestergaard-Poulsen, managing partner at CVC, said: “We are delighted to have come to an agreement to acquire Douglas together with the Kreke family. Douglas is a market leader with attractive growth prospects due to its strong management team, extensive store network, leading online presence and dedicated employees.”
The company, founded in Hamburg in 1821, currently owns more than 1,700 stores across 19 countries throughout Europe. It recorded pro-forma annual sales of around €2.5bn in fiscal year 2013-2014.