Lion Capital buys Hema

Lion Capital, a UK buyout firm, has acquired Dutch department store chain Hema from parent group Maxeda, a portfolio company of buyout houses Permira, Cinven and Kohlberg Kravis Roberts and Dutch investor AlpInvest.

No price was disclosed for the purchase, but it is thought to have sold for circa €1.1bn. Hema has reported gross sales of more than €1.3bn in 2006. The transaction, subject to a request for advice submitted to the works council and approval by competition authorities, is expected to complete by the end of July.

Hema has 355 stores in the Netherlands, Germany, France Belgium and Luxembourg and more than 10,000 employees. The business retails apparel, home, personal care and food products under the Hema brand.

Lion’s other consumer retail investments include Jimmy Choo and La Senza.