Alteri Investors has acquired footwear retailers Jones and Brantano UK from their Dutch parent company Macintosh for €17m (£12.2m).
Macintosh said the deal was at the lower end of the range it expected, and it made a loss of €53m (£38.2m). Proceeds from the sale will go towards repaying its debts.
Jones and Brantano UK made a combined loss of €1.8m (£1.3m) in the third quarter of 2015.
The Jones and Brantano management team will remain in place with David Short, former managing director of Machintosh UK, as chief executive.
Drapers revealed in March that Macintosh was selling the two retailers to raise capital to fund its core business in Europe, which includes Brantano Belgium, Scapino and Hoogenbosch Retail Group.
In April, Macintosh appointed banking firm BNP Paribas to find a buyer for the two footwear firms, which it groups together as its Fashion UK arm.
Alteri was formed in October last year 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.
George said: ”We like both businesses, but we can see that they are very different. We will try and create a distinction between the two.
”Jones Bootmaker has been a little unloved for the last four or five years and so there will be no immediate changes, but it will be an investment-led story. The ecommerce platform needs some work and we want to properly embrace multichannel. We will invest in the store portfolio and there is scope to do more in terms of concessions.
”We like Brantano for different reasons – it is a very solid family format, with a strong value for money proposition. It has an interesting retail geography with out of town retail parks and concession models in the likes of Wyevale garden centres and the Co-op. Brantano also has very strong relationships with brands such as Clarks.
”We will be doing a review of the Brantano store portfolio to make sure we have the right stores and concessions in place for where we want to go.
“We have worked very closely with the management team over the last seven months and have a high degree of confidence in David [Short] and his colleagues in the future of the business.”
Brantano has 140 stores and 61 concessions and Jones Bootmaker has 110 shops and 13 concessions in the UK.
Last week footwear suppliers told Drapers they were anxious for a resolution to the deal following months of uncertainty.