Apax- and Permira-backed New Look flees Russia and Ukraine

The development was revealed in the company’s results for the half year to September 2014.

New Look will instead continue with the planned roll-out of its brand in Germany and Poland. It is also in the process of expanding its presence in China from 14 stores to 20 by the end of 2014. 

The news follows the recent launch of the Ukrainian Private Equity and Venture Capital Association, an organisation intended to dispel fears caused by negative press, promote investment opportunities and improve the local investment environment in the country.

Apax and Permira acquired New Look in a £699m take-private deal in 2004. The business refinanced in June 2005 and May 2006, with the private equity backers planning to sell the company in mid-2007. 

The GPs decided instead to extend the retailer’s international expansion strategy after struggling to find buyers at the £1.8bn asking price.

In September, unquote” spoke to CapMan’s Hans Christian Dall Nygård about private equity players’ strategies in response to political tensions in Russia and Ukraine. Nygård argued investors with the mettle to maintain a presence in the region could enjoy outstanding rewards.

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• Topics
• CEE
• Consumer
• Permira
• Apax Partners
• Russia
• Ukraine