Advent International has acquired German listed retailer Douglas in a deal that values the company at €1.5bn.
Under the terms of the agreement, Douglas shareholders will be paid a 41.6 per cent premium to the company’s share price in the run-up to the deal. The Kreke family, which founded the company, will keep a minority stake in the business.
Advent intends to expand the jewellery and perfume divisions and grow internationally.
It first emerged that the company was on sale in January but negotiations with the company’s other shareholders, namely the Oetker family and the Müller drugstore chain, took longer than expected.
Douglas has over 1,900 stores across Europe and generated revenues of €3.4bn in the year to September 2012.
The acquisition of the German retailer is the largest of its kind since Advent sold Takko to Apax in 2011 for €1.2bn.