Wed, 13 May 2020 | BUSINESS SALE
SCP Private Equity has agreed a deal to buy London-based mens retailer T.M. Lewin through a special purpose acquisition vehicle named Torque Brands. Torque Brands has ambitions to build up a portfolio of 5-8 brands over the next 12-18 months. It is solely focused on acquiring complimentary British brands, which will be integrated onto one common shared services platform - leveraging group and platform efficiencies across the acquired businesses.
The purchase of T.M. Lewin follows the hiring of corporate finance firm Alantra to run an auction of the business in April 2020. T.M. Lewin has been mostly owned by private equity group and global credit specialist Bain Capital Credit since 2015.
Founded in 1898, the London-based menswear retailer has grown into the most prominent tailors in the UK, trading from 66 UK stores, with 700 staff, plus another 5 locations in Australia. Total sales are around £120 million.
T.M. Lewin’s brand values are craftsmanship, value for money and attention to detail. The company’s online sales have grown quickly, totalling more than 30% of the group’s revenues last year, with the brand over indexing in terms of sales in the 25 - 34 year-old demographic, positioning it well to capitalise on the growth in smart casual workwear.
SCP, a specialist private equity investor, focused on the consumer sector, is headed up by Managing Partner, James Cox; who will also act as Executive Chairman of Torque Brands. Cox is working alongside a seasoned team of investment and operating experts, who combined have led liquidity events totalling more than £30 billion in the sector.
Commenting on the announcement James Cox, Managing Partner of SCP said: "There are significant headwinds against great retail businesses in the current environment - posing a very real threat to the sector’s future."
"We wholeheartedly believe that specialist vertical-specific British brands, such as T.M. Lewin, will continue to hold a premier position in the eyes of the global consumer, and look forward to the challenge of helping the company adapt to the rapidly changing retail landscape."
"Torque Brands has been set up by SCP to acquire a portfolio of complementary British Brands into one centralised shared services platform. It’s a big supporter of the power of brand Britain and is actively acquiring heritage homegrown talent which we see having a long and successful future."
"We very much value the brand, and look forward to building on the great work done by the team to date.”
Brad Palmer, a Managing Director at Bain Capital Credit, said: “We have supported T.M. Lewin since 2015 and, together with the team, have continued to build this venerable British brand."
"Notwithstanding the challenges facing the retail sector, and most recently from COVID-19, since our ownership the business now has a true multi-channel business in the UK across stores and online, a large and loyal customer base and an even stronger brand proposition."
Established for approximately 6 years – this company has grown to become one of the leading pet and aquatic retail businesses in the area. It has a predominantly domestic customer base – the vast majority of its sales are to the domestic market.
LEASEHOLD
The company produces and supplies a wide range of coffee products created using ethically sourced beans from South America. The core products comprise wholebeans, grounds, single-origin roasts, blends, cold brews and compostable pods.
LEASEHOLD
The company offers an extensive range of luxury cars, including vehicles from prestigious manufacturers such as Aston Martin, Ferrari, Lamborghini and Rolls Royce. The business operates with a unique showroom-free approach, utilising a dedicated onli...
FREEHOLD
07
|
Feb
|
Administrators exploring accelerated sale of telecoms contractor | ADMINISTRATION
Administrators from RSM UK Restructuring Advisory LLP are se...
06
|
Feb
|
M&Co brand bought out of administration, but 170 stores still to close | ADMINISTRATION
Scottish clothes retailer, M&Co has been bought out of admin...
06
|
Feb
|
Australian firm announced as preferred bidder for collapsed UK battery start-up | ADMINISTRATION
Recharge Industries has been named as the preferred bidder f...
Sign up to receive our acquisition alert emails to get your FREE guide
28
|
Sep
|
Life insurer LV= in talks over potential takeover | BUSINESS NEWS
Mutually-owned life insurer LV= has confirmed that it is in ...
01
|
Jul
|
TM Lewin to close all UK stores in pre-pack administration | ADMINISTRATION
Shirtmaker TM Lewin will close all 66 of its UK stores as pa...
17
|
Apr
|
Menswear retailer TM Lewin put up for sale | BUSINESS SALE
Shirtmaker TM Lewin has been put up for sale by its owners B...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources