Goldman Sachs and THCP invest £16.5m in Hunter Boots

Goldman Sachs is investing through its Pall Mall Legacy vehicle, which is managed by THCP, and will become the majority shareholder of Hunter.

The injection supports a recapitalisation of the business that sees existing lender Wells Fargo augment and extend financing arrangements for a further three years. Hunter will have additional liquidity of £18.5m to support growth.

Existing investor Searchlight Capital, in addition to other minority shareholders, supported the deal. Existing investors Searchlight and Pentland will retain their minority positions and board representation.

The company mandated AlixPartners to sell a stake in the business in March 2020.

Previous funding
Searchlight became a controlling shareholder in Hunter in 2011. Hutton Collins provided a £32m PIK and equity for the deal.

Pall Mall first invested in the company in 2018.

Company
Founded in 1856, Hunter is a fashion brand that holds two Royal Warrants of Appointment to HM the Queen and the Duke of Edinburgh. The Edinburgh-based brand designs all-weather garments. It posted £113m in sales in 2018 and an adjusted EBITDA of £10.6m, according to its Companies House filings.

People
Hunter Boots – Gordon McCallum (chairman).

Advisers
Company – AlixPartners (corporate finance).

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• Topics
• Refinancing
• UK / Ireland
• Consumer
• United Kingdom
• Three Hills Capital Partners
• Goldman Sachs
• Penta Capital Partners