BERLIN — Steilmann SE is preparing an initial public offering, with shares to be listed on the Frankfurt Stock Exchange in 2015.
Based in Bergkamen, Germany, the company plans to offer new shares by way of a public offering and list its entire share capital in the Prime Standard on the Frankfurt exchange. The company’s current owners — the Italian Puller and Giazzi families, entrepreneurs Miro Radici, Edoardo Miroglio and Donato Martinelli, who hold a majority stake — will not be selling shares in connection with the IPO.
Founded by Klaus Steilmann in 1958 and once Germany’s largest apparel company, the then private-label specialist faced mounting problems in the Nineties. Between 2002 and 2006, the current shareholders bought several Steilmann Group labels, including Kirsten, Apanage, Nienhaus & Lotz, Dressmaster and Stones.
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Retailing in over 1,300 points of sale in Germany and abroad, the company now operates in more than 35 countries and employs over 8,300 worldwide. Largely targeting the ‘best-ager’ consumer, the Steilmann Group generated sales of about 896 million euros, or $1.18 billion, in 2014, with adjusted earnings before interest, taxes, depreciation and amortization of 53.3 million euros, or $70.8 million.
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Dollar figures are converted at an average exchange rate for the period to which they refer.
Over the years, Steilmann has been transformed from a primarily wholesale operation into a vertically oriented company with wide-ranging retail operations. Growth has been fueled by the acquisition of existing stores and the opening of new ones. Funds generated by the IPO will provide means for further store openings, as well as possible acquisitions, the company said.
In 2012, the firm acquired French apparel retail chain SYM and in 2013 took a majority stake in German retailer Adler Modemärkte.