EM&F to sell Smyk?

Empik Media and Fashion Group (EM&F) has been preparing to sell Smyk clothing chain, according to Puls Biznesu daily which cites several anonymous sources. "The company is choosing an advisor. There are two investment banks in the game, the agreement is expected to be signed within a month," said one of the sources. "We are not selling our company right now. We do not want to comment rumors and speculative information regarding Smyk's plans. Systematically, we have been preparing the asset to be sold, we have been improving the results. There is a huge interest among potential buyers, but we do not want to hurry," Krzysztof Rabiański, the CEO of EM&F said. "Likely, we will present the offer next year and the completion of the transaction will possibly take place in 2017," Rabianski added. Smyk is to be put in order and ready to be sold within six months, according to the daily's information. Smyk is valued at PLN 800 million to 1 billion. Such private equity funds as Mid Europa Partners, Enterprise Investors, Innova Capital, Bridgepoint, Montagu, Oaktree and companies like Toys "R" Us, Mamas & Papas are among the potential investors, Puls Biznesu reported. EM&F has over PLN 700 million of debt, the daily reminded.