Republic Bought at £300m by TPG
The TPG Group has purchased Republican, the youth fashion retailer, at the cost of £300m. This deal has signified the dearth of strong debt markets, as the world's leading private equity groups are almost strained to indulge in minor contracts.
TPG is paying for this acquisition from its $18bn (£12bn) global buy-out endowment, which has come from one of its San Francisco-based group's smallest transaction in Europe. Also, there have been several other US buy-out groups which have no other option but to serve in the UK midmarket for smaller deals.
These contracts include KKR, which has obtained Pets at Home at the price of £950m, in the same year; and the Blackstone, which could not make it to buy Hobbycraft, at a deal worth £100m. The latter, just missed out by a thin margin.
The Republic stores are aimed to be doubled in the UK and in Ireland by TPG, who wants to expand the number from 130 to over 200. Mr. Whitworth, who had joined Republic 1989, said, "Our unique 'house-of-brands' model and fashion credentials set us clearly apart from the competition. We partner with the best brands and teams in our market and believe we are excellently positioned to continue our exceptional growth".
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