The management of Dutch suit and clothing retailer Suitsupply has completed a buyout of minority shareholders, backed by a €35m (£25m) loan from Miami-based investment firm HIG Capital.
Suitsupply, which has three UK stores all in London, said the funding will fuel its growth in Europe, the US and Asia. In August, Suitsupply head of ecommerce Laurens Geleedst said the UK is one of its top five online markets.
The company, which is now 100% owned by management, said revenues are in excess of €150m (£108m), and have been growing at more than 25% per year.
Suitsupply founder and chief executive Fokke De Jong said: “HIG WhiteHorse [part of HIG Capital] made a very thorough analysis of our business and understood our growth drivers and markets. The creative financing solution they put in place will help fuel further growth.”
Suitsupply was founded in the Netherlands in 2000. It opened a UK flagship on London’s Vigo Street in 2007, followed by units in Westfield London and Lime Street in central London. Its UK website launched in August 2012.
HIG WhiteHorse managing director Haseeb Aziz said: “Suitsupply is a very successful men’s clothing retailer with a unique market position and strong potential for continued growth.”