On September 20, 2010, L Capital and Florac announced the signing of a definitive agreement to acquire a majority stake in French ready-to-wear fashion companies Sandro, Maje and Claudie Pierlot.

According to the transaction, which remains subject to approval from competition authorities, L Capital and Florac will purchase, through a jointly held company in which they each hold a 50% stake, 51% of the share capital of the newly-created holding company Groupe SMCP, under which the companies Sandro, Maje and Claudie Pierlot have been grouped.

Sandro and Maje’s founders and managers will retain the remaining 49% of the company’s share capital and will continue to work with the group alongside its new investors.

Sandro and Maje operate in 330 stores throughout Europe. Claudie Pierlot was integrated into the retail brands in 2009 and was subsequently relaunched in an effort to reposition the brand.

Florac is an investment fund created and presided by Marie-Jeanne Meyer, shareholder and former managing director of the Louis Dreyfus Group. L Capital Management is an investment group sponsored by Groupe LVMH and Groupe Arnault.

Shearman & Sterling advises Florac with a team led by Guillaume Isautier (Mergers & Acquisitions).