SVG Capital has announced this morning that funds advised by Permira have signed a definitive agreement to sell New Look to Brait SA. The transaction values SVG Capital’s holding in New Look at £37 million, a £15 million uplift (8p per share) to the 31 January 2015 valuation of £22 million.
New Look is a leading fast-fashion retailer with over 800 stores worldwide: c.570 owned stores in the UK, c.110 in Europe (Ireland, France, Belgium, the Netherlands, Poland and Germany), 18 stores in China and a franchise network mainly in the Middle East. In addition to its store network, The company has a fast-growing eCommerce offering serving over 120 countries. New Look is positioned as a fast-fashion value retailer with a broad product offering that focuses on womenswear, footwear and accessories as well as an expanding menswear offer.
New Look was acquired by a company backed by the Permira funds and co-investors in 2004. Anders Kristiansen was appointed as the new CEO in December 2012 and the company’s debt was successfully refinanced in the first half of 2013.
SVI : New Look sale adds £15m to SVG