APAX Partners reportedly the front-runner to acquire Matchesfashion

Private equity APAX Partners is reportedly nearing a deal to acquire Matchesfashion. War of bids over the British luxury multi-label business has lifted the price tag from 600 million pounds to 800 million pounds.

Sources close to the fashion company pointed out that over the holiday weekend three different private equity firms would have shown a picking interest in the retailer. As a result, reports Sky News, the asking price has been pushed up by circa 200 million pounds to a final 800 million pounds.

The news channel reported earlier this week that Matchesfashion’s founders Tom and Ruth Chapman, are close to sealing a deal with Apax. The deal remains to be confirmed with other reported bidders such as KKR and Permira still being in the race.

Qatalyst Partners is advising the Chapmans on the sale. Market sources explain that the retailer’s investors are now looking to exit Matchesfashion’s capital – Highland Capital acquired a minority stake in 2012 for 32 million pounds – what has triggered the search for a new financial partner.

According to the last public records, Matchesfashion enjoyed a 61 percent boost in sales last year to 204 million pounds. “The results to January 2017 demonstrate that we are now starting to deliver the return on the investment made,” assured the company in its last financial report, recalls Sky News.

Matchesfashion London HQ

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