TPG buys Republic chain for £300m

REPUBLIC, the fashion chain that sells brands such as G-Star and Diesel, has been acquired by private equity house TPG for £300 million.

The selling price represents a significant return for Change Capital, the investment vehicle run by former Marks & Spencer bosses Roger Holmes and Luc Vandevelde, which backed a 105m management buy-out of Republic in 2005.

The chain's co-founders, Tim Whitworth and Carl Brewins, should also do well out of the deal, having retained a combined stake of around 40 per cent under Change Capital.