Warburg Pincus seeks $113 million through Intime Department Store stake sale
Warburg Pincus is looking to raise up to $113 million through the sale of more than one-third of its remaining stake in Hong Kong-listed Intime Department Store Co.
According to reports, following the sale, the New York-based PE firm will hold a 10.1% stake in Intime, from its current 15.8%. The news comes as Intime looks to expand its brand to 10 new locations in Beijing, following the its announced 43% profit boost for the first-half of the year, to RMB300 million ($44.1 million), based on a 52% boost in sales to RMB1.09 billion ($160.3 million), reports note. Intime operates a chain of department stores in China, including a 100% equity stake in three department stores in Zhejiang province and significant equity stakes in several other leading department stores in the rest of China, according to Warburg Pincus' portfolio site.
The firm has reportedly been an investor in Intime since before the company launched its IPO in 2007, raising $310 million, according to Warburg Pincus. Royal Bank of Scotland Group is the bookrunner for the deal.
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