LONDON, Aug. 26, 2016 /PRNewswire/ -- Amery Capital
announces the sale of Long Tall
Sally (LTS) to TriStyle Mode GmbH (TriStyle), backed by
Equistone Partners Europe (Equistone), one of Europe's leading mid-market private equity
investors.
TriStyle, the German direct fashion retailer operating brands
Peter Hahn and Madeleine across Europe, has acquired the Amery Capital backed
tall women's specialist, Long Tall Sally, in a deal valued at c.
£30 million.
TriStyle was itself acquired by Equistone last year, and the
business has been actively looking for other synergistic
opportunities that can benefit from TriStyle's strong operating,
sourcing and financial stability, strength and momentum.
Long Tall Sally will continue to
be operated independently from its east London offices with the existing management
team led by Andrew Shapin.
Andrew Shapin, CEO, Long Tall Sally commented, "The tall women of
the world have a strong desire to purchase well made, up-to-date
fashion, and we are proud and passionate about working to provide
them real choices. Our team, with the backing of Amery Capital, has
transformed LTS from a £10 million UK retailer to an international,
fast growing, profitable, digitally led £50 million (€60m,
$68m) sales p.a. omni-channel
business, with c.70% of sales online. We are very excited
about the opportunity to continue to accelerate our growth around
the world with the backing of one of Europe's leading direct to consumer fashion
businesses."
"We are delighted that Michael and
Maurice Bennett will deservedly enjoy yet another successful
return on the inspiration, wisdom, and laughs they have invested in
Long Tall Sally over the past 10
years," said Maurice Helfgott,
Chairman of Amery Capital and Long Tall
Sally. "They join me in wholeheartedly thanking
Andrew Shapin and our experienced
teams and suppliers across the world for making Long Tall Sally such a success. I am very
pleased to remain with the business as Chairman, and to reinvest
with Andrew in TriStyle alongside such accomplished professional
investors Equistone Partners Europe."
Michael Bork Partner of Equistone
and Head of the Advisory Board of TriStyle said, "I think
Long Tall Sally, Andrew, Maurice and
the team are wonderful and am excited and confident about their
future together with TriStyle. We are grateful about the
opportunity to work together in the future for the sake of our
customers. As promised, we will add interesting businesses to the
TriStyle Group to grow the business organically and by external
acquisitions. But, it's not all just about growth. The
creativity, professionalism, understanding of customers, markets
and product of both teams is outstanding and will result in a
success story."
"At TriStyle we are delighted to welcome Long Tall Sally to our group," said Niels Degen, member of the TriStyle management
team. "Together with Long Tall Sally
and its fabulous management team, we will continue to strengthen
our position as a leading women's omni-channel fashion retailer. We
will work together closely for continuous growth of the TriStyle
companies Long Tall Sally,
Peter Hahn and Madeleine."
Advisors:
Amery Capital and Long Tall
Sally, its Shareholders and Management were advised by BDO
(Tax DD), Blick Rothenberg (Audit
and Tax DD), Berwin Leighton Paisner
(Legal Advisor), Financo (Financial Advisor), KPMG (FDD and Tax
Advice), Javelin (CDD) and Livingstone Partners (Management
Advisor).
Michael Bork and Dr. Katja Mühlhäuser led the transaction for
Equistone Partners Europe. TriStyle and Equistone were advised by
Shearman and Sterling (Finance EPE), Latham & Watkins
(Banking), CMS (Legal Due Diligence, SPA), KPMG (Financial and Tax
Due Diligence) and PWC (Commercial Due Diligence).
About Long Tall Sally:
Long Tall Sally is an online-led
omni-channel retailer of fashion for taller women. The Company was
founded in 1975 by six-foot tall American entrepreneur,
Judy Rich, who opened the first
store on Chiltern Street in the west end of London in 1976. The Company's mission is to be
"the first choice in fashion for tall women worldwide."
Long Tall Sally generates c.70pc
of it revenues from it ecommerce websites, supported by a catalog
distributed in its four main markets of US, UK, CA and DE as well
as shipping to over 120 countries. The business also has 10 stores
in the UK, 7 in Canada, 4 in the
US and 5 in Germany. The Company
achieved LTM to July 2016 sales of
c.£50 million and underlying profit of £3.8 million (Euro 4.4m USD 5.0 million). All clothing is
designed in-house, carefully proportioned to flatter taller women.
The company has 388 employees globally, 212 working in the UK, 129
in North America and 47 in
Germany.
Amery Capital Limited purchased Long
Tall Sally through a CVA in 2005 and has funded the organic
growth and acquisitions, which have together transformed the
business, including Tall Girls CA, Barefoot Tess USA, Long Fashion DE and Long Elegant Legs
USA, all of which have been
subsumed into a global single view of customers and inventory.
www.longtallsally.com
About Amery Capital:
Amery Capital was founded by Maurice
Helfgott with the backing of legendary retail entrepreneurs,
Michael and Maurice Bennett on its
key investment projects. Maurice leads Amery Capital as Executive
Chairman, with a principal focus on advising and investing in
digital, retail and consumer businesses in the private and public
markets.
Amery Capital's other current investment interests include
Oliver Sweeney and Goat Fashion. Earlier successful investments
included Retail Profile Europe Limited which was successfully sold
to SpaceandPeople PLC in 2013.
About Equistone:
Equistone is an independent investment firm wholly-owned and
managed by its executives. The company is one of Europe's leading investors in mid-market
buyouts with a strong, consistent track record spanning over 30
years, with more than 400 transactions completed in this period.
Equistone has a strong focus on change of ownership deals and aims
to invest between €25 million and €125 million of equity in
businesses with enterprise values of between €50 million and €300
million. The company has a team of 37 investment professionals
operating across France,
Germany, Switzerland and the UK, investing as a
strategic partner alongside management teams. Equistone is
currently investing its fifth buyout fund, which held a final
closing at its €2 billion hardcap in April
2015.
Equistone is authorised and regulated by the Financial Conduct
Authority. Further information can be found at
www.equistonepe.com
About Michael Bennett and
Maurice Bennett CBE:
After successfully building up and selling Bennett Cameras to
Dixons in the 1960s, Maurice and Michael
Bennett founded Warehouse, the first really successful
British own-brand, design-led, fashion retailer, which was
subsequently sold to Freeman's in 1986.
In 1991 they founded Oasis Stores, developing the business from
£1 million turnover to a hugely successful, publicly listed fashion
retailer. Along the way they bought Coast - a brand developed
from £2m turnover when it was bought, to almost £100 million
today. In 2002, Maurice and Michael
Bennett successfully exited Oasis Group when PPM Ventures
took the company private.
The Bennetts subsequently took control of Phase Eight, turning
around and growing the company and selling it to Barclays Capital
in 2005, producing a seven times return on investment for
themselves and their partners.
Michael and Maurice were awarded the prestigious Lifetime
Achievement Award at the Drapers Gala Dinner in 2006.
About Maurice
Helfgott:
Maurice Helfgott is the Founder
and Executive Chairman of Amery Capital, a principal investment and
advisory firm with a focus on digital, retail and fashion related
businesses.
As well as being Chairman of Long Tall
Sally, Maurice is Chairman of leading European online
optical company, MyOptique Group, backed by six European VCs
including Index Ventures and Highland Capital, and which announced
a successful exit to Essilor International in August 2016.
He is also Chairman of Amery investee company, Oliver Sweeney,
the luxury menswear brand also backed by the Business Growth Fund;
Chairman of Unforgettable.org, a start up B Corporation helping
people with dementia, backed by Bridges Ventures and Impact
Ventures UK. In addition, Maurice serves on the Boards of
END. Clothing and Goat Fashion and is Senior Independent Director
of Moss Bros Plc. He has worked as an independent industry
advisor to a number of leading international PE firms.
Maurice was previously an Executive Director on the Main Board
of Marks and Spencer plc and holds an MBA with High Distinction
from Harvard Business School.
About Andrew
Shapin:
Andrew has been CEO of Long Tall
Sally since 2007. He previously founded and ran the very
successful Cotswold Company from 1997, where he remains Chairman.
From 1991 to 1997, he was Group Marketing Director of Innovations
PLC, a company that seeded much of the marketing talent in early UK
digital entrepreneurship.
About TriStyle Group:
TriStyle Mode GmbH, headquartered in Munich, is a holding which unites the
independently managed mail order and ecommerce companies
Peter Hahn and Madeleine. The
enterprise belongs to Equity Investor Equistone Partners
Europe.
With its two brands specializing in high-quality women's fashion
for the 45-plus target group, TriStyle is among the European
mail-order market leaders in the Best Ager segment. Within this
group, it has a stable and expansive portfolio that, on a strategic
and financial level, is steered and monitored by the
holding.
The company also has sourcing offices in Hong Kong, Bangkok, Istanbul and Porto, incorporated under the name TriStyle
Sourcing Ltd.
In the 2014/2015 fiscal year, the mail-order company with 1,354
employees recorded sales of €505.4 million (consolidated). Of this
amount, €170.9 million are allocated on Madeleine (272 employees)
and €334.8 million on Peter Hahn
(1,004 employees).
Each of the two brands – Peter
Hahn and Madeleine – is distinct from one another due to
their clear brand and product profiles. They cover the entire
spectrum of high-quality ladies' fashion and accessories for the
45-plus target age group. The companies sell their products in 11
countries with their own foreign subsidiaries. Across Europe, customers can shop online or by
catalog, as well as in more than 20 department stores in
Germany and Switzerland.
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SOURCE Long Tall Sally