Bloomberg News

Sephora Rival Nocibe Said to Draw LBO France, Advent Bids (1)

May 17, 2013

Charterhouse Capital Partners LLP is in talks with bidders including Advent International Corp. and LBO France to sell French perfume and cosmetics retailer Nocibe SA, according to two people with knowledge of the process.

Nocibe, the competitor of LVMH Moet Hennessy Louis Vuitton SA (MC) unit Sephora, will receive a second round of bids before the middle of next month, the people said, asking not to be identified as the process isn’t public. Advent is making a bid through the German cosmetics company Douglas Holding AG (DOU) that it owns with the Kreke family, one person said.

Charterhouse bought the retailer from Bridgepoint Advisers Ltd. in 2006 for 490 million euros ($630 million), according to its website. While the sellers have sought a valuation of about 600 million euros for the asset, it’s unclear if Nocibe will fetch a price in line with that amount, according to two people with knowledge of the process.

Nocibe, based in Villeneuve d’Ascq near Lille in France, was created in 1984. The company sells its own beauty products as well as others such as La Petite Robe Noire fragrance by Guerlain and Tommy Guns shampoo. Nocibe also offers beauty services such as facials and make-up courses. The company has about 450 outlets in France and employs about 3,000 people, according to its website. It had sales of 680 million euros in 2012, the website shows.

Douglas Takeover

Officials at Advent and LBO France declined to comment. A representative for Charterhouse wasn’t immediately available for comment. Emilie Dufour, a spokeswoman for Nocibe, declined to comment.

Advent bid 1.5 billion euros for Douglas last year after almost a year of talks. Douglas, based in the Ruhr Valley town of Hagen, owns perfume outlets as well as a jewelry brand, fashion stores, confectioneries and a bookstore chain.

Hutchison Whampoa acquired Marionnaud Parfumeries SA in 2005 for 758 million euros, or about 10 times earnings before interest, taxes, depreciation and amortization, according to data compiled by Bloomberg. L’Oreal SA (OR) acquired Body Shop International Plc for about 12 times Ebitda in 2006, while Advent agreed last year to buy Douglas for 7.2 times Ebitda, the data show.

To contact the reporters on this story: Jacqueline Simmons in Paris at jackiem@bloomberg.net; Julie Cruz in Frankfurt at jcruz6@bloomberg.net

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net


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