Bench owner Americana International has been bought by private equity firm Emeram Capital Partners.
Americana, the Manchester-based company, which was previously owned by private equity business HgCapital, has been considering a sale since last year and has now been sold to the European firm that works predominantly in Germany, Austria and Switzerland.
In March last year Americana, the parent company of brands Bench and Hooch, hired investment bank and corporate advisory firm Camaccord Genuity to lead a strategic review of the company. Mike Ashley’s Sports Direct was previously linked with the business but now it has been sold to another private equity owner.
The price of the deal has not been disclosed but previous estimates have valued the whole Americana business at around £100m. It was bought for £190m by Hg Capital in 2007.
Emeram partner Kai Obring said: “Impressively, Americana has established Bench as a successful international brand. We will build upon this strong foundation and continue to develop the business with its unique position as a multipurpose city clothing brand. We look forward to supporting Americana with this next step and realising Bench’s full growth potential.”
Over the last 18 months the business has undergone a strategic review culminating in a revamp for autumn 14, which was debuted at Bread & Butter.