Cinven and Permira, the private equity groups which lost out to Kohlberg Kravis Roberts in the €1.6bn ($1.94bn) auction for Royal Vendex, have now bought a 44% stake in the Dutch retailer for €328m.

KKR ended up with 85% of the firm in April, after others dropped out. For KKR this represented €1bn of equity exposure in one deal.