Sycamore Partners backs Kurt Geiger MBO

The firm was previously a division of The Jones Group, which Sycamore acquired earlier this month in a $2.2bn deal. The GP agreed to split the brands to support the Kurt Geiger management team's buyout plans.

Kurt Geiger has a history of private-equity ownership, which began in 2005 when Equistone bought the company in a £46m management buyout from Harrods Group. The GP took a 72% stake in the company through the deal, which was orchestrated by BDO. The deal was supported by a £25m debt package provided by Lloyds TSB Acquisition Finance, consisting of £22m senior term loans and a £3m mezzanine tranche, according to unquote" data. The bank also provided a £6m revolving credit facility.

In 2008, Graphite Capital took over the company in a £95m management buyout from Equistone. Royal Bank of Scotland and Lloyds TSB Corporate Market provided senior debt facilities to facilitate the deal, according to unquote" data. Advent International and 3i were widely reported to have made a bid for the firm.

In 2011, Graphite sold the asset to The Jones Group for £215m.

Company
Founded in 1963 and based in London, Kurt Geiger is a luxury shoe retailer. Having first opened on London's Bond Street, the company now has more than 70 stores worldwide, 180 concessions within UK and European department stores and an e-commerce arm.

Kurt Geiger has a team of 29 shoe and accessory designers and owns several labels.

People
Stefan Kaluzny is a managing director at Sycamore.

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• Topics
• UK / Ireland
• Consumer
• Buyouts
• United Kingdom