Synova scores 3x on TLG exit
Synova Capital has sold designer handbag business TLG Brands to Hong Kong-listed Global Brands Group, generating a return of 3x.
Synova acquired TLG (previously The Lunan Group) in July 2008 in an off-market transaction.
Since then, the company's revenues have grown from £13m to £30m, while profits have almost tripled. Growth has been achieved by setting up an online platform and boosting international sales in Europe and Asia.
Company
London-based TLG owns handbag brands Fiorelli, Modalu and Nica. It sells its products in 400 retail and department stores.
The company was founded in 1988 and in 1994 it took control of the Fiorelli brand.
People
Synova Capital – Philip Shapiro (managing partner).
TLG Brands – Mike Hiscock (CEO).
Advisers
Vendor – KPMG (corporate finance); Pinsent Masons (legal).
More on Exits
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Ares Management handed keys to two-thirds of UK sponsor’s portfolio
Lender provided GBP 500m for three of the GP's deals between 2016 and 2019, Debtwire reported
Actera Group explores strategic options for Celebi Ground Handling
Several investors placed bids for the company in 2022 but mismatch in pricing didn't lead to a deal
Main Capital’s Assessio to be sold to Pollen Street
Recruitment software company tripled in revenue under Main Capital’s ownership
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater