LDC carves out UK operations of Tailored Brands in £50m deal

The newco regroups the Dimensions, Alexandra, Yaffy and Twin Hill brands. The former parent, Tailored Brands, is based in the US and listed on the New York Stock Exchange.

LDC has supported the management team, which includes executive chair Stuart Graham, group CFO Morgan Atherton, Dimensions managing director Hayley Brooks and Alexandra managing director Martin Lyne.

Debt facilities for the deal were provided by PNC Business Credit. According to the vendor, the transaction represents a multiple of 4.3x the 2018 adjusted EBITDA for the corporate apparel business, which stood at around £11.5m.

The company plans to invest in its current service lines and infrastructure to accelerate organic growth in the UK and abroad. It will also consider complementary acquisitions, geared towards international expansion.

This is LDC's seventh carve-out in the past 18 months; similar deals have included Precision Micro, Martin Audio and Retail Asset Solutions Group.

Company
The group – operating through the Dimensions, Alexandra, Yaffy and Twin Hill brands – specialises in supplying corporate clothing uniforms to businesses and individuals.

Midlands-based Dimensions supplies corporate clothing through multi-year managed service contracts. West Country-based Alexandra offers a range of catalogue garments and accessories from stock to public and private sector businesses. Yaffy, based in Glasgow, supplies high-performance outerwear and technical clothing to UK police forces. Twin Hill services large-scale uniform programmes for clients in the US.

The group employs 800 people across its offices in Castle Donington, Thornbury, Glasgow and Houston. It is expected to post a £150m turnover in the current financial year.

People
LDC – John Green, Richard Ibbett (investment directors); John Garner (head of Yorkshire & north-east); Alistair Pendleton (director).

Advisers
Equity & company – Clearwater International (corporate finance, debt advisory); Browne Jacobson (legal); Eversheds Sutherland (legal).

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