The Carlyle Group has agreed to acquire a controlling interest in European lingerie brand Hunkemöller from PAI Partners. Expected to close in 1Q 2016, the deal is rumored to value the company at around €440 million, an EBITDA multiple of roughly 8x. Capital for the investment will come from Carlyle Europe Partners IV, a €3.75 billion buyout fund focused on Europe's upper middle market. Backed by PAI since early 2011, Hunkemöller has over 700 stores across Europe along with an ecommerce platform. Earlier this year, reports indicated Sycamore Partners was nearing a deal to acquire the business.