Ropes & Gray and Norton Rose win mandates on Ben Sherman sale
US company Marquee Brands stumps up £41m to buy struggling fashion brand from US retailer Oxford Industries
July 21, 2015 at 06:02 AM
2 minute read
Ropes & Gray and Norton Rose Fulbright have been called in to advise on the sale of UK fashion brand Ben Sherman to US company Marquee Brands' for £41m.
Ropes & Gray is advising Marquee Brands on the acquisition. Its team is being led by London private equity partner Will Rosen, Boston and New York-based mergers & acquisitions partner Jane Goldstein, and Boston-based intellectual property transactions partner Edward Black.
The firm's team also includes London-based restructuring partner Daniel Martin, finance partner Fergus Wheeler, and tax counsel Andrew Howard. New York tax partner Jay Milkes is also working on the deal.
Norton Rose is advising Ben Sherman's parent company, US-based fashion retailer Oxford Industries, on the sale. The firm's team is being led by corporate partner Sarah McKellar.
Oxford Industries bought Ben Sherman in 2004 for £80m from private equity group 3i. On that occasion Oxford Industries turned to King & Spalding for advice. Private equity investor 3i was advised by Scottish firm Maclay Murray & Spens on the deal.
The British band has been sported by a number of celebrities in better times, including The Who, The Jam and Oasis, but has struggled in recent years in the fiercely competitive fashion market.
The business reported an operating loss of $10.8m in the year to 31 January 2015, which Oxford Industries chief executive Thomas Chubb III described as a "marked improvement".
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