CVC cuts a deal with UBS

UBS Capital, the private equity arm of the Swiss investment bank, has sold Mister Minit, a key cutting chain, to CVC Capital for an undisclosed sum.

The company was put up for sale in November last year, and reports at the time valued it between €150m and €200m. Mister Minit was acquired in 1997 and UBS embarked on a buy-and-build strategy to improve its UK market coverage. In 2001, the company had to be restructured following a poor performance. The management team was replaced and a number of stores shut down. It has since returned to profit, and in the financial year to end-March 2004 generated sales and franchise fees of €271.7m, with Ebitda of €27.2m.

The Belgium-headquartered company has approximately 2,060 stores worldwide – the majority of these are based in Europe, but it also has a presence in Asia (primarily Japan), Australia and New Zealand. The Minit Group’s other business lines include Minit Colors, a photo development and printing chain; watch repair units, Montre Service in France and In-Time in the UK; as well as two retail brands in Canada focusing on personalisation services.

CVC was advised by Ernst & Young and Clifford Chance. Debt facilities were provided by Rabobank International.