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By
Reuters
Published
Dec 12, 2008
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Dutch online retailer Wehkamp sold for 500 mln eur

By
Reuters
Published
Dec 12, 2008


www.Wehkamp.nl

LONDON, Dec 12 (Reuters) - European private equity firm IK Partners said on Friday it has sold Dutch internet retailer Wehkamp to a group of private investors, defying a tough climate for private equity exits.

A source familiar with the situation said the deal is worth about 500 million euros ($663.4 million) to IK, which acquired the business in 2006 from GUS plc, which subsequently demerged into Home Retail Group and Experian .

IK said its reorganisation of the retailer into three online stores for fashion, living and electronics has turned around Wehkamp's declining sales to produce an average annual growth rate of 5 percent and a doubling of operating profits.

Wehkamp's website has more than 5 million visitors a month and it completes around 5 million orders every year.

IK said it has also sold Wehkamp's consumer loan business Lacent as part of the deal.

(reporting by Simon Meads; Editing by David Cowell)

([email protected]; +44 20 7542 9969))

($1=.7537 Euro)

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