Republic is to gain its third set of private equity sponsors in six years after current owners Change Capital Partners agreed to sell the UK fashion retailer to TPG for a reported £300 million (€359 million; $447 million).
No financial details were disclosed, however a source close to the deal said the return for Change Capital would equate to a multiple of about 4.7 times its investment.
The consumer-focused private equity firm backed Republic’s £105 million management buyout in 2005 (before which 3i had been a provider of £20 million in growth capital). Since the 2005 MBO, turnover has doubled to £200 million and EBIDTA has trebled, according to a statement.
Republic, a sizeable occupier of retail real estate, operates 105 stores in the UK, selling trendy brands including Miss Sixty, Bench, Diesel, G-Star and Firetrap.
TPG partner Dag Skattum said in a statement the firm looks forward to supporting Republic’s incumbent management and the company as TPG helps it “into its next phase of growth”.