Young fashion chain Republic has been sold to private equity house TPG.
Republic’s private equity owner Change Capital, run by former Marks & Spencer directors Luc Vandevelde and Roger Holmes, bought a majority stake in Republic five years ago when it was valued at £105m, while co-founders Tim Whitworth and Carl Brewins retained more than 40% of shares in the business.
Financial details of the deal were not disclosed, although reports suggest Republic was sold for £300m. The chain’s management team will continue to run the business and remain significant investors.
Republic, which has 105 stores and sells brands such as G-Star, Diesel and Firetrap, posted annual sales of more than £200m in the year to January 31 and led to Change Capital putting it up for sale in April.
Tim Whitworth, chief executive of Republic said: “Republic is a tremendously successful fashion retailer occupying a truly unique multi-brand position in the market. We are very excited to be working together with our new partners TPG and look forward to continuing the evolution of the Republic brand and realising the enormous potential we have before us.”
TPG partner Dag Skattum, said: “Republic is an exciting retail brand and one with significant further potential. We are pleased to be investing alongside the existing management team who have built this into a very successful multi-brand retailer. We look forward to supporting them as we take Republic into its next phase of growth.”
The deal follows the departure of Republic brand manager Nick Preston earlier this month as revealed by Drapers. Preston spearheaded a strategy to introduce key young fashion brands such as G-Star, Henleys and Diesel to Republic during his five-year tenure.