Providence acquires HSE24
July 16, 2012 10.53 Europe/London By Robert Briel
Axa Private Equity has sold the majority of HSE24, the international TV home shopping group, to Providence Equity Partners. Axa will remain a 15% shareholder.
In 2009, AXA Private Equity acquired HSE24 in an all-equity transaction from the insolvent Arcandor group. Under Axa Private Equity’s ownership, the multi-channel retailer continued its growth path with net sales growing by more than 10% per annum and the number of employees rising significantly.
HSE24 continued to gain market share in its home markets and further increased its multi-channel offering. HSE24 also expanded internationally by successfully entering the Italian market in mid-2011 and by acquiring a strategic stake in Shopping Live, the Russian TV home shopping channel, in early 2012.
“HSE24 has been a great investment for us and we believe it will continue to be so in the future.” said Caspar von Meibom, managing director, who will continue to represent Axa Private Equity on the Advisory Board of Home Shopping Europe.
“HSE24 is a typical Axa Private Equity investment with a high degree of operational involvement and driven by various growth dimensions, such as organic, international green field expansion, and acquisitions rather than through financial engineering or cost cutting. Our close partnership with HSE24′s excellent management team has allowed us to support the company in its highly successful development over the past years.”
HSE24′s management team will remain unchanged and will continue to be a significant shareholder in the company. Richard Reitzner, CEO of Home Shopping Europe, commented: “AXA Private Equity has been a highly valuable, dedicated and hands on shareholder and partner over the past three years. Their team’s support helped enable our successful development and we highly appreciate their continued close involvement. Our management team is fully supportive of this transaction, and we believe Providence to be an ideal partner for the next phase of our growth story.”
July 16, 2012 10.53 Europe/London By Robert Briel
Axa Private Equity has sold the majority of HSE24, the international TV home shopping group, to Providence Equity Partners. Axa will remain a 15% shareholder.
In 2009, AXA Private Equity acquired HSE24 in an all-equity transaction from the insolvent Arcandor group. Under Axa Private Equity’s ownership, the multi-channel retailer continued its growth path with net sales growing by more than 10% per annum and the number of employees rising significantly.
HSE24 continued to gain market share in its home markets and further increased its multi-channel offering. HSE24 also expanded internationally by successfully entering the Italian market in mid-2011 and by acquiring a strategic stake in Shopping Live, the Russian TV home shopping channel, in early 2012.
“HSE24 has been a great investment for us and we believe it will continue to be so in the future.” said Caspar von Meibom, managing director, who will continue to represent Axa Private Equity on the Advisory Board of Home Shopping Europe.
“HSE24 is a typical Axa Private Equity investment with a high degree of operational involvement and driven by various growth dimensions, such as organic, international green field expansion, and acquisitions rather than through financial engineering or cost cutting. Our close partnership with HSE24′s excellent management team has allowed us to support the company in its highly successful development over the past years.”
HSE24′s management team will remain unchanged and will continue to be a significant shareholder in the company. Richard Reitzner, CEO of Home Shopping Europe, commented: “AXA Private Equity has been a highly valuable, dedicated and hands on shareholder and partner over the past three years. Their team’s support helped enable our successful development and we highly appreciate their continued close involvement. Our management team is fully supportive of this transaction, and we believe Providence to be an ideal partner for the next phase of our growth story.”