Private equity firm Advent International has teamed up with the founders of Douglas Holding on a $1.9 billion takeover bid for the German retailer.

Advent said Monday that the bidding group will offer $49.53 per share in cash for Douglas Holding and that shareholders who own roughly 50.5 percent of the company have already committed their shares in favor of the offer.

The offer is conditional upon at least 75 percent of the retailer’s shareholders accepting it. The Kreke family, which founded Douglas Holding, maintains a 12.7 percent stake in the company that would increase to 20 percent upon completion of the deal.

Hagen, Germany–based Douglas Holding operates five divisions that sells perfume, books, jewelry, confections, and clothing at a total of 1,900 retail stores. The company earns roughly $3.9 billion in annual revenue.

Douglas Holding issued a statement Monday saying that its board will officially respond to the offer once it is formally submitted. Advent has not set a specific date for when it will make the official offer document public.

Latham & Watkins is advising Advent in connection with the bid. The firm’s Frankfurt-based team on the matter is led by corporate partners Hans-Jürgen Lütt and Wilhelm Reinhardt. Advent’s chief legal officer is former Weil, Gotshal & Manges partner James Westra.

German legal publication Juve reports that German firm P+P Pöllath + Partners is representing the Kreke family in connection with the bid. The firm’s team is led by corporate partner Wolfgang Grobecker.

Linklaters Düsseldorf-based M&A partner Hans-Ulrich Wilsing is representing Douglas Holding in connection with the takeover bid. Allen & Overy is advising the company on financing aspects of the deal, with banking and finance partner Neil George Weiand leading a Frankfurt-based team that also includes private equity partner Michael Bernhardt. Douglas Holding general counsel Roland Kirsten is leading the company’s in-house team.

Juve reports that Marcus Mick, a partner at German firm Flick Gocke Schaumberg, is advising Douglas Holding on tax matters.

October has been a busy month for Advent, with Weil advising it on a separate deal announced Monday. In that transaction, the Boston-based buyout firm agreed to buy Danish IT services company KMD for an undisclosed amount. Earlier this month, Advent turned to Freshfields Bruckhaus Deringer on its $1.15 billion deal to acquire the coating resins unit of Cytec Industries Inc. Freshfields is also advising Advent on a planned $1 billion bid for Dutch pharmacy chain Mediq. Advent has said it will make its formal offer for Mediq by the end of the month.