Change Capital Partners LLP, the private equity firm specialising in retail and consumer industries, along with the founders, Tim Whitworth and Carl Brewins, are pleased to confirm that they have reached an agreement on the sale of Republic, the young adult fashion retailer, to funds managed by the global buyout group TPG Capital. Finance details were not disclosed. Republic's management team will continue to run the business and remain significant investors.
Republic currently operates 105 stores throughout the UK, offering its customers aspirational brands such as G-Star, Diesel, Firetrap, as well as up and coming niche brands and its own exclusive range.
Change Capital Partners acquired a controlling stake in Republic in 2005. Since its acquisition Republic's turnover has doubled (from £100m to £200m) and EBITDA has trebled. 27 new stores have been opened, including flagship stores in London, Birmingham and Belfast, with a further 10 stores and 500 new jobs planned for this year.
Steve Petrow, Managing Director, Change Capital Partners, said:
“We are proud of what we achieved with Republic. Together with management we have been able to grow the business considerably. I wish Tim and his team every success with the next chapter of Republic's development.”
Tim Whitworth, CEO of Republic said:
“Republic is a tremendously successful fashion retailer occupying a truly unique multi brand position in the market. We are very excited to be working together with our new partners TPG and look forward to continuing the evolution of the Republic brand and realising the enormous potential we have before us.”
Dag Skattum, TPG Partner said:
"Republic is an exciting retail brand and one with significant further potential. We are pleased to be investing alongside the existing management team who have built this into a very successful multi-brand retailer. We look forward to supporting them as we take Republic into its next phase of growth.
Change Capital Partners LLP
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