The Danish based equity fund Polaris has made an offer to acquire men's fashion chain Tøjeksperten with its 125 stores across Denmark. The plan is to merge Tøjeksperten with the Wagner chain and create a men's fashion giant in the Nordic region. Polaris and Tøjeksperten are declining to disclose details of the bid, but according to financial daily newspaper Børsen, which reports the news, it is around DKK 900 m (USD 171 m). Tøjeksperten generates revenues of approx. DKK 1.1 bn (USD 209 m) annually.
Polaris recently acquired a majority stake in the Nordic men's fashion group Hansen & Pedersen, which runs the Wagner and Texman stores in the Nordic region.
Michael Døssing, chairman of Eksperto amba, the cooperative behind Tøjeksperten, says: "It is true that we have received a bid. It looks good and is clearly something the board of directors recommends proceeding with. We have presented it to the members of the chain, who are now considering the matter."
Jan Johan Kühl, managing director of Polaris comments: "We consider Tøjeksperten to be an interesting company. It is true that we have presented an offer to them. They will now assess it, and we are naturally giving them time to make their decision. I can't say when a decision will be made."
The Danish men's fashion market is estimated to have a value of DKK 7 bn (USD 1.33 bn), with a market growth of approx. 7% annually.