Jaeger sold to private equity firm for £19.5m
JAEGER, the up-market fashion house, has been acquired by the private equity business that owns double-glazing firm Everest.
The deal sees retail entrepreneur Harold Tillman sell his majority stake in the 128-year-old label to Better Capital, which is owned by venture capital veteran Jon Moulton, for £19.5 million.
Better Capital will take a 90 per cent stake, but the majority of the acquisition cost went towards Jaeger’s secured debts.
The fashion brand, which has 50 stand-alone outlets and 70 concessions within department stores, was loss-making when it was acquired by Tillman in 2003. It reported £94m in revenues and £1m in operating profit in the year to February 2011.
Jaeger is the first high street name to be bought by turnaround-focused Better Capital, which was set up by Moulton in 2009 after he left private equity heavyweight Alchemy Partners.
Better Capital recently acquired a 95 per cent stake in Everest.
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