Advent buys Takko stake

Advent International has taken a majority stake in German fashion discount chain, Takko, for EUR770m from Permira. The deal was led by Takko's managing director Arnold Mattschull. Permira backed an MBO back in March 2000 in a EUR603.5m deal. The transaction is subject to regulatory approval of the European cartel authorities and is anticipated to close in Q3 2007.