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US investor finances TM Lewin MBO

TM Lewin’s management has bought the remaining 20% stake in the business after receiving an undisclosed investment from Sankaty Advisors, part of US private equity firm Bain Capital.

The shirt retailer’s chief executive, Geoff Quinn, already owns 30%, while the rest of the management team owns 50%.

Now, with backing from Sankaty, they have acquired the 20% stake inherited by investment firm Caird Capital when it took over Lloyds Banking Group’s private equity portfolio in 2012.

Sankaty has taken a minority stake in the business. It would not provide further details.

Quinn said: “Sankaty has consistently demonstrated that they have a detailed understanding of both our industry and our company.

“Not only will they provide us with a much more flexible capital base to support our growth, but their sector expertise will be hugely beneficial in delivering on our vision for the future which aims to put our customers and products firmly at the centre of our business.”

The retailer has also refinanced, with Sankaty providing mezzanine debt and equity and Lloyds Banking Group the senior debt.

TM Lewin was founded in 1898 and has 185 stores around the world. It made a £636,000 pre-tax profit for the year to March 1, 2014, following losses of £1.4m the year before. Sales edged up to £106.8m from £106.7m in 2013.

During the period, the business expanded internationally, opening stores in the Czech Republic, Australia and Singapore, where it has been tapping into demand for British-made brands.

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