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Retail Highlights - April 2014
Contents
Post Holdings to Acquire Michael Foods for $2.45 Billion
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Woolworths to Buy David Jones for $2 Billion
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Motier Buys 6.1% Stake in Carrefour Valued at $1.8 Billion
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Michael Kors Sign Luxottica License
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Post Holdings to Acquire Michael Foods for $2.45 Billion
Post to acquire Michael Foods for $2.45 billion. Post is active in nutrition and private label cereal
packaged food categories. Acquisition of Michael transforms the cereal company into a more
formidable player in protein, which is fast becoming a showpiece of the healthy-eating trends
that packaged-food makers are chasing. In addition, Post will make a payment of $50 million on
the first anniversary of the closing date of the acquisition.
Post obtained financing commitments under which various lenders have committed to provide
up to $1.765 billion in credit facilities, including a committed bridge loan of up to $340 million.
Barclays is acting as exclusive financial advisor to Post.
Post Holdings, Inc., headquartered in St. Louis, Missouri, was spun off from Ralcorp Inc. in 2012
Minnesota-based Michael Foods Group, processing and distribution company controlled by
Goldman Sachs Group Inc.’s private-equity arm, clocks annual sales of more than $1.5 billion.
Goldman Sachs invested about $360 million of equity in a $1.7 billion leveraged buyout of
Michael from Thomas H. Lee Partners LP in 2010. Goldman Sachs has collected about $327
million in dividends from Michael Foods. Thomas H. Lee retained a 21 percent stake in Michael
after the sale to Goldman Sachs. BofA Merrill Lynch and Goldman Sachs are acting as financial
advisors to Michael Foods
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Woolworths to Buy David Jones for $2 Billion
South Africa’s Woolworths decision to buy Australian retailer David Jones for $2 billion is
expected to strengthen its department store model against global competitors. This deal will
help Cape Town-based Woolworths “play on the international stage” and “breathe new life” into
the David Jones brand at a time when apparel companies are expanding in South Africa
and Australia. Woolworths was founded in 1931 in Cape Town and took its name from a U.K.
chain. Woolworths has a majority stake in Australia’s Country Road chain of more than 470
shops
About David Jones
David Jones is Australia's leading departmental store. Founded in 1838 it has established itself
as an iconic brand that targets the aspiring and premium customer segments by offering a
broad range of Australian and international brands across its 38 stores located in Australia as
well as 120,000 SKUs available online. David Jones also operates a Financial Services
business as part of a joint venture with American Express. In September 2013, David Jones
posted a full year profit of $89 million.
About Woolworths
Woolworths is a South African-based retail group founded in 1931 at Cape Town and took its
name after a U.K.chain. In South Africa, the group trades through Woolworths. It also offers
financial services under its own brand name. Woolworths also owns 87.9% of Country Road
Limited, a leading clothing and home ware retailer. In June 2013, Woolworths had revenue of
$3.30 billion and net profit after tax of $243 million.
Motier Buys 6.1% Stake in Carrefour Valued at $1.8 Billion
Motier - the holding company of the Moulin family which owns 100 percent of French
department store Galeries Lafayette - has acquired 44.2 million shares of Carrefour, or 6.1
percent of its capital. The Moulin family were the founders of supermarket chain Monoprix, so in
a way the Carrefour investment is a return to their first business, which was supermarkets. With
the acquisition, Motier becomes French supermarket chain Carrefour's second-biggest
shareholder after the consortium of Groupe Arnault and private equity group Colony Capital,
which together own 14.77 percent of Carrefours' capital and 20.06 percent of the voting rights,
as per Carrefour's annual report. Arnault and Colony own 8.88 and 5.89 percent respectively.
Carrefour, the French retailer with international operations is the biggest hypermarket chain in
the World with revenue of over $116 billion at the end of 2013 and in revenue is next only to
global retailer Wal-Mart.
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Michael Kors Sign Luxottica License
Italian eyewear group Luxottica had signed a ten-year licensing agreement with U.S. luxurygoods company Michael Kors Holdings. Luxottica will produce eyewear for both the Michael
Kors Collection and MICHAEL Michael Kors lines. The first collection produced with Luxottica
will launch in January 2015. The brand’s two luxury eyewear collections will be carried around
the world in Michael Kors stores, department stores, select travel retail locations, independent
optical locations and Luxottica’s retail stores.
About Michael Kors
US based Michael Kors is a world-renowned, award-winning designer of luxury accessories and
ready-to-wear. His namesake company, established in 1981, currently produces a range of
products through his Michael Kors and MICHAEL Michael Kors labels, including accessories,
footwear, watches, jewelry, men’s and women’s ready-to-wear, and a full line of fragrance
products. Michael Kors stores are operated, either directly or through licensing partners, in
some of the most prestigious cities in the world, including New York, Beverly Hills, Chicago,
London, Milan, Paris, Munich, Istanbul, Dubai, Seoul, Tokyo and Hong Kong. In 2014, Michael
Kors posted net sales of more than $3.31 billion and reported profit of $661 million.
About Luxottica Group
Italian Luxottica Group is a leader in premium, luxury and sports eyewear with over 7,000
optical and sun retail stores in North America, Asia-Pacific, China, South Africa, Latin America
and Europe, and a strong, well-balanced brand portfolio. House brands include Ray-Ban, the
world’s most famous sun eyewear brand, Oakley, while licensed brands include Giorgio Armani,
Dolce & Gabbana, Donna Karan, Polo Ralph Lauren and Versace. The Group's products are
designed and manufactured at its six manufacturing plants in Italy, three wholly owned plants in
the People’s Republic of China, one plant in Brazil and one plant in the United States devoted to
the production of sports eyewear. In 2013, Luxottica Group posted net sales of more than $9.45
billion and reported profit of $500 million.
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