Primondo seeks PE interest for auction of mail-order fashion company TriStyle

TriStyle, which employs more than 2,000 people, has annual earnings before interest, tax, depreciation and amortisation (EBITDA) of 36 million euros ($40.76 million) and will likely fetch 8-10 times that, the sources said.

TriStyle sells fashion online or from catalogues for women aged 45 and older. Its Peter Hahn, Madeleine and Emilia Lay brands are on offer in 11 countries in Europe, with Peter Hahn also on offer in department stores in Germany and Switzerland.

Primondo, the mail-order division of insolvent German retailer Arcandor, along with joint venture partner Klaus Wirth have appointed Altium as advisor for the sale, with an auction due to kick off soon, the sources told Reuters.

Altium will approach private equity groups such as Permira, Bridgepoint and Ardian, they said.

Altium declined to comment. TriStyle was not immediately available.

($1 = 0.8832 euros)

(Reporting by Arno Schuetze; Writing by Emma Thomasson)