Funds of global private equity firm Permira are to acquire Schustermann & Borenstein GmbH, an exclusive omnichannel retail fashion community for private members in the DACH region, for an undisclosed sum.
Ardian, the independent private investment company, was the seller. The two founding families Schustermann and Borenstein will continue to be invested in the company.
The transaction, which is subject to regulatory approvals, is expected to close in Q4 2016.
The Permira funds will support the company to continue to grow in Europe, continue to innovate in the online offering to drive increased customer engagement through the use of big data analytics, marketing automation technologies and mobile platforms.
Founded in 1924 and headquartered in Munich, S&B sells more than 3,000 designer brands through its invitation only website BestSecret.com as well as three stores in Munich and Vienna membership
Over the past 10 years, the company has become one of the leading premium fashion e-commerce platforms in the DACH region while also expanding in the UK, Sweden and France.