Mayfair acquires Seraphine from Bridgepoint for £50m

Katharine Hidalgo
05 January 2021

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Mayfair Equity Partners has acquired maternity clothing company Seraphine from Bridgepoint Growth for around ТЃ50m.

Mayfair is currently investing from its second-generation vehicle, which closed on £650m in January 2019. It invests around £20-50m in UK-based companies.

The management team reinvested in the company, acquiring the business from both Bridgepoint and the company's founder, Cécile Reinaudas, who is fully exiting the company. The company's management team, which is now led by former chief operating officer David Williams, will continue in their current positions.

Following the transaction, Seraphine will look to further expand in new and existing markets, while also investing in product development and new digital channels.

Previous funding
Bridgepoint Growth acquired a majority share of the company in 2017, with the founder retaining 33% of the company. The fund closed on £86m in May 2017 and made investments of up to £15m. Seraphine is the fund's first realisation, according to Unquote Data.

Company
Launched in 2002 by Cécile Reinaudas as a boutique store in Kensington, London, Seraphine has grown to become an international business selling maternity clothing to 127 countries around the world, according to a statement. Seraphine generated £28.1m in sales for the year to 31 March 2020 and £4.7m EBITDA.

People
Mayfair Equity Partners – Daniel Sasaki (managing partner).
Bridgepoint Growth – Duncan Calam (partner).

Advisers
Equity – Highstead Partners (M&A); Goodwin (legal).
Vendor – Rothschild & Co (M&A); Mishcon De Reya (legal).