Apax Partners to buy RFS Holland

Apax Partners has agreed to buy RFS Holland Holding B.V. Financial terms weren’t announced. RFS Holland is the parent company of online retailers Wehkamp, Fonq.nl and Create2fit, as well as consumer finance services provider Lacent. Stella Advisors, along with Cofay, provided financial advice to Apax.

PRESS RELEASE

Funds advised by Apax Partners LLP (“Apax”) have signed an agreement to acquire RFS Holland Holding B.V. (“RFS”), the parent company of online retailers Wehkamp, Fonq.nl and Create2fit, as well as consumer finance services provider Lacent. RFS is owned by former management and business angels, as well as funds advised by IK Investment Partners.

With more than €700m revenues and close to €50m EBITDA, RFS owns online lifestyle department store Wehkamp, the largest e-commerce platform in The Netherlands, which transacts with c. 90% of all Dutch households. Wehkamp’s core verticals include fashion, sports & leisure, beauty & wellness, home & garden, and electronics & household appliances. Fonq.nl is an e-commerce site operating mainly in The Netherlands, as well as Belgium, France, Germany and Austria, specialising in design, interiors and gifts. Create2fit is a multichannel discount retailer in consumer electronics and home appliances. Lacent provides complementary consumer financing services, such as credit loans and insurance to RFS online retail customers.

Gert van de Weerdhof, CEO of RFS, commented: “With the capital and expertise of Apax Partners, we will be able to implement innovations even faster with an emphasis on customer experience, a broader assortment and the best service”.

Tom Hall, Partner with Apax Partners, added: “Wehkamp is an extraordinarily well-known and respected Dutch brand – and the steps that Gert and RFS’ employees, with the support of RFS’ current shareholders, have taken to turn the business into a world-class digital retailer are very impressive”.

Completion of the transaction is subject to regulatory approval.

Stella Advisors – together with its Dutch partner Cofay – acted as the exclusive financial advisors to Apax Partners.