Brait fashions a £780m takeover of New Look
South Africa’s fourth richest man has acquired a majority stake in UK fashion chain New Look for the sum of £780m.
Christo Wiese purchased 90 per cent of New Look, which is valued at £1.9bn, including the firm’s debt, through his firm Brait.
The company has a considerable presence in the UK with a 19 per cent stake in Iceland, 87 per cent of Premier and an 80 per cent stake in Virgin Active.
Anders Kristiansen, chief executive of New Look, said: “We are delighted to have announced this transaction. Brait have a track record of long-term and supportive investments – they give us the perfect platform to continue our strategy of growing the New Look brand in the UK, Europe and China.
“I’d like to take this opportunity to thank our existing shareholders for their support over the years, and I am looking forward to working with Brait in the future.”
John Gnodde, chief executive of Brait, added: “New Look is an attractive investment opportunity for Brait – it is a market leading brand, with a strong track record of double digit EBITDA growth, solid Cashflow conversion, international reach, and the potential to grow rapidly in a number of geographic markets including China.
“We have been highly impressed with the management team and look forward to partnering with them.”
Goldman Sachs International, JP Morgan Cazenove, Clifford Chance and Price Waterhouse Cooper advised New Look on the transaction.