Piper divests Weird Fish to Total Capital

Kenny Wastell
25 April 2017

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Deal-by-deal investor Total Capital Partners has supported the management buyout of leisurewear brand Weird Fish from Piper Private Equity.

The deal will be structured as a combination of equity and debt, with the acquirer holding a 70% stake in the company on completion. Weird Fish's management team are also reinvesting in the deal, while Total Capital partner Paul Brown will take a seat on the company's board.

Financial details of the transaction remain undisclosed, though Total Capital typically makes investments of up to £30m.

Under its new owner, Weird Fish will invest in its online platform, and open new stores based in UK holiday destinations, as well continue development of new products.

The transaction brings to an end a seven-year holding period for Piper, during which time Weird Fish's sales increased from £10m to £18m, according to a statement. Since Piper's initial investment, the company has focused on expanding its online sales, which have grown by more than 80% during the vendor's tenure.

The sale of Weird Fish comes four months after Piper sold café-bar and restaurant group Loungers to Lion Capital in a deal valued at £137m.

Previous funding
Piper invested £8m in the management buyout of Weird Fish in March 2010.

Company
Headquartered in Cheltenham and founded in 1993, Weird Fish is a casual clothing brand. The company has wholesale operations, in addition to its bricks and mortar stores and online sales platform. It targets customers aged between 35-55.

Weird Fish generated EBITDA of £990,000 in 2015, according to publicly available documents, with turnover of £14.4m.

People
Total Capital Partners – Natalie Eastham, Paul Brown (partners).
Piper Private Equity – Chris Curry (managing partner).
Weird Fish – John Stockton (managing director).

Advisers
Equity – Ward Hadaway (legal); Mazars (financial due diligence); RPL (commercial due diligence).
Vendor – BDO (financial due diligence); Mishcon de Reya (legal).
Management – Thrings (legal).