Hugo Boss, the German fashion house, proved another winner for its private equity backer Permira yesterday.
After a further recapitalisation of Boss, SVG Capital, the London-listed proxy for Permira, will receive £110.9m cash back which is the equivalent of 47 per cent of its original investment.
At the same time SVG’s remaining stake in Boss has been revalued at £308.6m. At the half-year at the end of Jun SVG’s holding in Boss was valued at £377m. Yesterday’s realisation and valuation is 11 per cent higher than that. Boss shares dropped 2 per cent on the German market after a downgrade by Goldman Sachs.