Belgian private equity strikes Paprika deal

Mitiska and Sofindev are investing €13.95m and €9.3m respectively in Belgian fashion retail chain Cassis-Paprika, along with its founder and chief executive, Jacques Hayez.

The two private equity firms will obtain a majority stake and co-control of the fashion retailer.

Paprika made €13.1m in 2006, and currently operates 33 stores in Belgium, Luxembourg and France. Its core customers, it says, are “fashion-minded, larger-sized women.”

Cassis, which offers clothing “for urban-active fashion-conscious women”, made €38.5m in 2006 and has 52 stores in Belgium and Luxembourg.

ING Belgium is providing the debt financing for the deal. Petercam acted as exclusive adviser to the Cassis-Paprika group.

The deal is expected to close by the end of January 2008.