Silverfleet buys Masai

The investment was made through the €850m Silverfleet Capital II vehicle, which closed on its hard cap in May. The GP will secure a majority stake, investing alongside management as founding siblings Hans and Nina Rye fully exit.

Though the transaction's value was not disclosed, local media reports put the enterprise value in the DKK 500m-1bn bracket.

Debt
A financing package was provided by BlueBay and Lloyds Bank.

Company
Founded by Hans and Nina Rye in 1992, Masai is a women's clothing company headquartered in Copenhagen.

Masai's products are sold via 1,340 retailers in 25 countries including 16 concept stores, 12 of which are in Denmark and four in Sweden. Its revenues last year stood at around €105m.

People
Partner Gareth Whiley and principal Mark Piaseck worked on the deal alongside Rob Knight and Sumit Dheir. Whiley will join Masai's board as non-executive director following completion.

Sune Bjerregaard is the CEO of Masai and Nina and Hans Rye are the company's founders.

Advisers
Equity - Handelsbanken (Corporate finance); Accura (Legal); Latham & Watkins (Legal); Deloitte (Financial due diligence, tax); OC&C (Commercial due diligence); Intuitus (IT due diligence); Willis (Insurance due diligence).

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