Brait SE has acquired New Look Retail Group, the UKs leading fast-fashion brand for under 35s, from funds managed by Apax and Permira. The transaction places an Enterprise Value on New Look of c.£1.9 billion.
Jamieson advised the New Look management team throughout the transaction which was run as a dual track sale and IPO process. Specific areas of advice included the terms of their current incentives and cash proceeds from the sale of the business as well as the structuring of their new incentive arrangements with Brait.
New Look has more than 800 stores in 21 countries around the world including China a key growth market. It has been owned by Apax and Permira, as well as its founder Tom Singh, since 2004.
“We are delighted to have announced this transaction. Brait have a track record of long-term and supportive investments – they give us the perfect platform to continue our strategy of growing the New Look brand in the UK, Europe and China. I’d like to take this opportunity to thank our existing shareholders for their support over the years, and I am looking forward to working with Brait in the future.”
Anders Kristiansen, CEO
Ian Jamieson, Tom Burton and David Kirkpatrick advised the management team on their reinvestment alongside Brait.