Warburg Pincus has agreed to acquire a majority stake in premium retailer Reiss in a deal which values the retailer at £230m.
The deal, which was done through an affiliate of private equity firm Warburg Pincus, aims to enable Reiss to expand further in the UK and overseas, particularly in North America, Asia and Australia.
Founder David Reiss will retain a significant investment in the business and will remain as chairman and chief executive.
He said: “I am delighted to be working with Warburg Pincus as we take Reiss to the next stage of its development. We have built a great business providing our customers with timeless luxury at affordable prices and I am confident that working together we will be able to build Reiss into a truly global fashion brand.”
Private equity firm Warburg Pincus has seen off competition from Dr Martens’ private equity owner Permira over the deal, it has been reported.
The chain’s founder David Reiss appointed investment bank Morgan Stanley to review his options for the business last year, amid plans to grow its international presence.