Bimba y Lola lose CEO Nicolás Corral has decided to leave the business after serving the company for six years, reports Modaes. The development takes place around the time when Bimba Y Lola is in the final stages of closing its sale to the British venture capital firm Permira.
Corral, according to Spanish newspaper Expansión, has returned to renewable energy company Acciona Servicios, where he worked before joining Bimba y Lola.
In February this year, the Galician company controlled by sisters María and Uxía Domínguez began their search for a buyer to sell 70 percent stake in the company to expand their international presence, reported El Independiente. The report had added that the company also roped in Morgan Stanley to find a buyer and the investment bank had then distributed the sale book among the venture capital funds including Bain Capital, PAI, Permira, CVC, Carlyle and TowerBrook, among others. Now the British venture capital fund Permira, has said to have presented the highest bid.
Bimba y Lola closed fiscal 2017 with 18.5 percent increase in sales, while the company’s gross profit rose 53 percent over the previous year. The report added that at the end of the year, the brand was present in twenty countries through over 222 points of sale.Picture:Facebook/Bimba y Lola