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Mosaic Fashions to acquire Rubicon Retail for £353m

27 Jun '06
4 min read

Clothing chain retailer Mosaic Fashions hf has signed a non-binding letter of intent to merge with Rubicon Retail Ltd.

The proposed transaction values Rubicon Retail at an enterprise value of £353 million and is subject to satisfactory legal, commercial and financial due diligence and the approval of Mosaic Fashions' shareholders and banks.

Rubicon Retail is a multi-branded, multi-fascia fashion business comprising:

-- the strong and well-established Shoe Studio footwear business with brands covering a number of different segments;
-- two successful and well recognized women's fashion clothing brands, Warehouse and Principles.

In the financial year ended 31 January 2006, the total revenue of the company was £408.5 million and the EBITDA was £46.7 million.

Following the merger, the combined Group will be one of the UK's largest women's fashion retailers, with a combined turnover for the year to end January 2006 of £818.5 million, combined EBITDA of £105.9 million, and approx. 1,700 stores in 27 countries.

The deal will create a Group with six complementary women's clothing brands; Warehouse, Principles, Oasis, Karen Millen, Coast and Whistles. It will also provide strong shoe retailing, sourcing and management skills for all the clothing brands, together with Shoe Studio Group's seven well-established shoe brands. Whilst each brand in the combined Group will retain its individual brand identity, the merger should enhance the growth prospects of the brands in the UK and internationally.

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