SCP acquires Bain Credit-backed TM Lewin

The firm has acquired the business as a going concern, taking over the store network and with plans to maintain key supplier relationships.

Deloitte was mandated by the company in March 2020 to look at options for the business, while Bain Capital invited bids for the company in April.

In early May, Charles Tyrwhitt made an offer for the company, among other bidders, according to a report by Sky News.

Previous funding
In 2006, the management of TM Lewin acquired the company with the backing of Bank of Scotland Corporate in a deal worth £50m, including cost and working capital.

Bain Capital Credit invested in TM Lewin in 2015.

Company
TM Lewin is a formal menswear retailer with 66 shops in the UK and five in Australia. It employs 700 staff, 650 of whom have been furloughed under the UK government's Coronavirus Job Retention Scheme. The company was established in 1898 and reported revenues of £120m in its most recent financial year.

People
Bain Capital Credit – Brad Palmer (managing director).

Advisers
Equity – TLT (legal).
Vendor – Alantra (corporate finance); Deloitte (corporate finance).

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• Topics
• Buyouts
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• Consumer
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• Bain Capital Europe
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• Deloitte