Alteri Investors is helping to fund a takeover of German fashion house Basler Fashion Group by providing a new debt facility, a month after it provided Austin Reed with a three-year loan.
The London-based European retail investment fund is providing Basler with a senior debt facility of an undisclosed amount, as part of a takeover deal for the retailer and brand agreed by German private equity firm Tempus Capital. Tempus has acquired Basler for an undisclosed amount and Alteri is providing the funds as the company could not secure a loan through its normal banking facility.
Founded in Berlin in 1936, Basler now has 160 stores worldwide and more than 1,600 points of sale in 60 countries. It has four UK stores in Knightsbridge, Chichester, Epsom and Brent Cross, as well as ten concessions, one outlet store and three concessions in Ireland. Basler has 140 wholesale locations in the UK and Ireland including Anne Furbank in St Neots, Cambridgeshire, Fenwick’s Brent Cross and Newcastle stores and Ambers of Amersham, Buckinghamshire.
Alteri was formed last October as a joint venture between US private equity group Apollo Global Management and Gavin George, former chief executive of restructuring specialist GA Europe, to invest in struggling retailers on the UK high street.
Alteri chief executive George said: “Basler has gone through a restructuring process and has emerged much slimmed down. The next 12 months will be about stabilising the business and getting the suppliers back on track.
“We believe in the business – Basler is a great brand with a good retail presence, as well as a strong wholesale and concessions operation.”
Drapers understands that the existing Basler management will continue to be involved following the takeover and that it is business as usual for the brand and retailer.