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Belgian tailoring and fashion chain Veritas is on sale

Belgian tailoring and fashion chain Veritas is on sale

The owners of Veritas are looking for a buyer for the Belgian tailoring and clothing chain with 120 stores in our country. This is written the time. The fact that the company can deliver earnings numbers again after several difficult years should spark interest. The new investor should also make Veritas a success story beyond the country’s borders.

Veritas is currently still owned by CIM Capital Restruct Fund, the investment fund of businessman Mark van Hool focused on the recovery of weak companies, and entrepreneurs Erwin van Oosta and Karl Leekens (Hubo) and Walter van Gastel. They bought the company in 2019 from Indufin, an investment firm affiliated with the Brussels Van Weyenberg family that had acquired 60 percent of the family’s original Antwerp business five years earlier. A failed foreign venture, disappointing numbers and a heavy debt load made Indufin decide to sell Veritas again.

Today, Veritas says it is back on track, with a “sound balance sheet structure while generating significant cash flows.” Last year, it wrote, it recorded operating profit before depreciation (EBITDA) of €7.5 million the time. Trading value grew 11 percent to 91.1 million. The chain expects to achieve better results this year.

“We bought Veritas to turn it into a well-functioning company again. That work is complete,” says Erwin van Oosta. the time. It looks like the entire company will be sold for a good offer. The new owner should help realize Veritas’ ambitious international plans. It says it wants to have 80 stores in the Netherlands, Germany, northern France and Scandinavia by 2026. the time.