JOHANNESBURG - South African private equity company Brait SE said on Friday it had completed its acquisition of 90 percent of UK fashion retailer New Look for £780-million and that the founders and management of the target had purchased the remainder.
Brait -- the investment company that is majority owned by billionaire Christo Wiese -- also said in a statement that New Look had successfully concluded its debt refinancing, which optimises its capital structure, reduces costs, extends maturities to 2022 and eliminates the Company’s former PIK (payment in kind) loans.
Founded in 1969, New Look is a fast fashion retailer operating in the value segment of the UK clothing and footwear market and with a growing international presence.
In addition to having a leading market share and strong brand presence in the UK, Brait has said New Look has good growth prospects in France, Germany, Poland and especially China.
The company has a well-developed multi-channel offering via traditional stores and a fast growing e-commerce platform with solid infrastructure and systems including a state-of the-art distribution centre.
Wiese said in an interview last month that Brait was seeking to buy businesses that are cash generative and have a proven management team.
At New Look, Brait said it will be partnering with an experienced, aligned and proven management team, and with the founder of the business.
Brait recently paid £682-million for an 80 percent stake in British health club chain Virgin Active.
African News Agency