Towerbrook exits Phase Eight in £238m deal with TFG

Under Towerbrook's tenure, the business has expanded internationally from 231 stores in the UK and Ireland to 438 stores across 18 countries. During that period the business saw a 14% compound annual growth rate in revenues and increased its profits by 40%.

Following completion of the deal, Phase Eight will continue with its international expansion strategy, with plans to roll out new stores and concessions.

Previous funding
Towerbrook acquired Phase Eight in February 2011 in a deal reportedly valuing the business at around £80m.

The company had previously been acquired by failed Icelandic bank Kaupthing and a consortium of private investors for £51.5m in 2007. Following Kaupthing's demise, a 40% stake in the business remained with management, with the remainder held by outside investors including Alexander Abramov's vehicle Kew Capital.

Company
Founded in 1979 and headquartered in London, Phase Eight is a womenswear retailer. It has UK partnerships with retailers including John Lewis, House of Fraser and Debenhams. According to The Telegraph, the business generated revenues of £141m and EBITDA of £24m in the year to January 2014.

People
Winston Ginsberg and Karim Saddi are managing directors of TowerBrook. Ben Barnett is CEO of Phase Eight.

Advisers
Equity – Weil, Gotshal & Manges (Legal); Rothschild (Corporate finance); Deloitte (Corporate finance).

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• Topics
• Exits
• Consumer
• UK / Ireland
• United Kingdom
• Towerbrook Capital Partners