Trio of firms advise on £300m sale of fashion retailer Republic
A trio of firms have secured roles on a £300m fashion deal that has seen TPG Capital acquire UK-based retailer Republic. Top 20 City law firm SJ Berwin took the lead role for Republic and the seller Change Capital Partners on the transaction, having initially advised the private equity house when it bought the fashion outlet in 2005.
June 29, 2010 at 08:11 PM
2 minute read
SJB, Addleshaws and Cleary lead as TPG Capital buys Republic
A trio of firms have secured roles on a £300m fashion deal that has seen TPG Capital acquire UK-based retailer Republic.
Top 20 City law firm SJ Berwin took the lead role for Republic and the seller Change Capital Partners on the transaction, having initially advised the private equity house when it bought the fashion outlet in 2005.
Since the acquisition, Republic, which sells brands including Diesel, G-Star, Miss Sixty and Firetrap as well as its own range of clothing, has seen turnover double, from £100m to £200m.
Addleshaw Goddard also took a role for Republic, advising the management on the equity terms of its investment into the new company, which is now owned by TPG but will retain the same leadership.
London-based corporate partner Graham Nicholson led for SJ Berwin, while Leeds-based corporate partner Yunus Seddat headed up the team from Addleshaws.
New York-based law firm Cleary Gottlieb Steen & Hamilton took the lead role for TPG, which advised the private equity house through its London arm, with City M&A partner Simon Jay leading the team.
The transaction was the result of an auction launched in April, where TPG emerged as the preferred bidder of a group of 20. The auction process also handed roles to Clifford Chance and Simpson Thacher & Bartlett.
Nicholson commented: "What this deal shows is that it is still possible to close transactions quickly despite the crunch. There is money out there and people willing to buy quality assets. We had good feedback from the client and very much hope to advise Change Capital again."
Republic has 105 UK outlets and is also an online retailer.
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