CVC Capital Partners

September 01, 2005 06:58 ET

CVC Acquires Mister Minit

LONDON, UNITED KINGDOM--(CCNMatthews - Sept. 1, 2005) - CVC Capital Partners ("CVC"), a leading European private equity firm, today announces the intention to sign an agreement to acquire Mister Minit, the world's largest shoe repair and key cutting services chain from UBS Capital for an undisclosed sum. The transaction is being financed by funds managed by CVC and is subject to regulatory approvals.

Mister Minit, which is headquartered in Erembodegem in Belgium, has approximately 2,060 worldwide stores - the majority of these are based in Europe, but it also has a presence in Asia (primarily Japan), Australia and New Zealand. In the financial year ending March 2004, Mister Minit generated sales and franchise fees of EUR 271.7million, EBITA of EUR 16.7million and EBITDA of EUR 27.2million.

The Minit Group's other business lines include Minit Colors, a leading photo development and printing chain; the watch repair specialists Montre Service in France and In-Time in the UK, as well as two retail brands in Canada focusing on personalisation services ("Things Engraved") and knife retailing ("House of Knives").

Geert Duyck, Senior Managing Director at CVC, commented:

"The acquisition of Mister Minit is a great opportunity to invest in a unique retail services group, whose offering can withstand the rigours of the economic cycle. We believe there is scope to leverage the specialist expertise of the group across all geographies, extend the service offering and open further stores in existing territories.

We look forward to working with the management team to grow this business and create further value for our investors."

CVC was advised by Ernst & Young and Clifford Chance. Debt facilities were provided by Rabobank International.

Contact Information

  • CVC Capital Partners
    Claire Ellis
    +44 (0) 20 7420 4240
    or
    Hogarth Partnership
    Vanessa Orr / Melanie Toyne-Sewell
    +44 (0) 20 7357 9477