US private equity group TA Associates has agreed to buy fashion-to-furnishings chain Cath Kidston in a deal worth about £100m.
According to the Financial Times, bank Lloyds is providing £25m of debt for the deal, which will give TA a 60% stake, leaving the management with the rest. Kidston will own about 30% of the company following the deal.
Kidston started the company from a shop in London’s Holland Park in 1993 selling vintage fabrics, wallpapers and brightly painted furniture. It expanded to 25 stores.
TA plans to expand the UK portfolio and its fast-growing presence in Japan. It also aims to open new stores in the US, other parts of Asia and continental Europe.
TA owns stakes in several retailers including etailer M and M Direct. TA is also thought to be one of the private equity firms eyeing Hobbycraft.