Spain’s Cortefiel pauses IPO plan

Grupo Cortefiel, owned by CVC, Permira and PAI Partners, has temporarily paused its listing due to market conditions and the political situation in Spain. The company, which operates the department store chain Cortefiel, plans to continue exploring other sale options.

According to Spanish newspaper El Mundo, Cortefiel had already begun to prepare itself for the flotation, which was anticipated to rise over 1 billion euros. The banking firm Goldman Sachs, appointed to advise the retail group on the operation, notified potential investors on the decision.

Spain’s government plan for the next term, yet to be defined, could have a significant impact on Cortefiel’s sales due to new measurements related to tax policies.

Cortefiel has a debt of 1.38 billion euros. Its key market is Spain, but also trades from 2,000 stores located in 86 countries.

Spain’s Cortefiel pauses IPO plan

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