Emeram Capital Partners has sold a 15% stake in fashion brand Bench to the company's future CEO and chairman Bruno Sälzer.
Sälzer has acquired the stake in Emeram Urbanics Holding, the company that owns Americana International – the Bench parent company. He will become CEO of Bench on 1 December when his contract as CEO of Escada comes to an end.
Previously, Emeram and the management team owned 100% of the company.
Emeram acquired Americana International, the owner of fashion brand Bench, from HgCapital in February 2014 using capital from its first fund. HgCapital acquired Americana in 2007 for £190m from Isis Equity Partners.
Founded in the UK in 1987, the Bench brand retails in 26 countries in Europe and North America. It produces fashion apparel for men and women in the 20-30-year-old age group. It has approximately 400 employees and achieved annual turnover of more than €100m in 2013. Additionally, its turnover from licenced partners totalled approximately €50m.
Bruno Sälzer will become the new CEO and chairman of Bench from 1 December. Kai Obring is a partner at Emeram.
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