Kohlberg Kravis Roberts & Co. LP (NYSE: KKR) is buying a majority stake in Paris-based SMCP Group, an apparel retailer.
KKR will pick up 65 percent of the company, while management will own 35 percent.
SMCP’s brands include Sandro, Sandro Men, Maje and Claudie Pierlot. The retailer has 570 points of sale, which are primarily in Europe. The company has opened 69 retail outlets in North America during the past 18 months. The company has five stores in Hong Kong, and plans to open two stores in Shanghai in July. Terms of the deal were not disclosed.
SMCP expects the deal with KKR to accelerate its international expansion plans.
KKR was advised by Rothschild & Cie, the Paris-based unit of Rothschild Group, while SMCP was advised by J.P. Morgan and Leonardo & Co.
The transaction follows several others in the retail sector, including Target Corp.’s (NYSE: TGT) purchase of Chefs Catalog and Cooking.com, eyewear retail chain Óticas Carol’s purchase by a group that 3i Group plc (LON: III) led, and Sycamore Partners deal to buy Hot Topic Inc. for $600 million.
For more on the retail industry, see “Retail M&A: Time-Tested Brands Sell.”