CVC buys Mister Minit

LONDON - CVC Capital Partners, a leading European private equity firm, has announced its intention to buy Mister Minit, the world's largest shoe repair and key cutting services chain, from UBS Capital for an undisclosed sum.

The transaction is being financed by funds managed by CVC and is subject to regulatory approvals.

Mister Minit, which has its headquarters in Erembodegem, Belgium, has about 2060 stores worldwide- the majority are in Europe, but it also has a presence in Asia (primarily Japan), Australia and New Zealand. The Minit Group's other business lines include Minit Colors, a leading photo development and printing chain; the watch repair specialists Montre Service in France and In-Time in Britain; and two retail brands in Canada focusing on personalisation services (Things Engraved) and knife retailing (House of Knives).

Geert Duyck, Senior Managing Director at CVC, commented: "The acquisition of Mister Minit is a great opportunity to invest in a unique retail services group, whose offering can withstand the rigours of the economic cycle."

- REUTERS