Goldman Sachs seeks buyer for Cortefiel

The investment bank Goldman Sachs has been commissioned by investment funds CVC, Permira, and Pai, current owners of Cortefiel, to seek a buyer for the Spanish fashion group.

According to sources familiar with the matter, the sale price would be around 1,300 million euros, representing 13 times the Ebitda of the company'.

This figure is below the 1.440 billion euros that the current owners paid to the Hinojosa family 10 years ago to take control of the company.

The Cortefiel Group is in the process of implementing its four-year Strategic Plan, which began in 2014 and aims to achieve growth in market share, both in Spain and abroad.

Over the fiscal year ended on February 28, Cortefiel posted a turnover of 1,011 million euros that is 4.9 percent ahead the previous year´s.

On a another note, the fashion group has had to refinance its debt on several occasions. The last time was last year, when Cortefiel managed to refinance 1,160 million euros worth of debt in an operation that counted with the support of 98 percent of the creditors.