U.S. private equity fund Advent has made a takeover bid for Douglas Holding that values the German perfume and beauty retailer at 1.5 billion euros (USD 1.95 billion).

Douglas’ three main shareholders - the Oetker family with 25.8 percent, the Kreke family with 12.78 percent and the Müller family with 10.8 percent - had all agreed to accept the offer and Advent so far had assurances for at least 50.5 percent of the company’s share capital. Upon completion of the takeover, the Kreke family would then take a 20 percent stake in Beauty Holding Three AG, the investment vehicle making the offer, with the other 80 percent held by Advent International.

This takeover offer is based on the mutual intent of the DOUGLAS founders, the Kreke family, and Advent International to finetune and implement a successful long strategy for the Douglas Group,” said the company in a release.