Agent Provocateur (United Kingdom) - Nov 2007

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01 November 2007

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3i has acquired an 80% stake in luxury lingerie brand Agent Provocateur from its founding partners. The value of the deal was not disclosed, although it was reported to weigh in at £60m. There was no debt involved in the deal which sees the founders and senior employees retain a 20% stake in the business. 3i’s consumer track record which includes successfully backing brands such as Gant and Hobbs helped it to win the deal. Additionally, its global footprint will support Agent Provocateur’s planned expansion into overseas markets. The high calibre chairman in the form of Stuart Rose, whose track record includes The Body Shop and The Hamleys Group, that 3i introduced to the company was key to helping it acquire the business.

Company

Agent Provocateur was founded in 1994 as a luxury brand lingerie retailer and has consistently been voted one of the UK’s top 10 cool brands. It has recently added fragrances and shoes to its product range. Headquartered in London, Agent Provocateur’s products can be found across 14 countries including the US, Europe and the Middle East. It is believed that the company made a profit of approximately £2m on sales of £15-20m in 2006.

People

Jennifer Dunstan led the deal for 3i. Stuart Rose is chairman of the newco. He was formerly deputy chairman and managing director of The Body Shop and is chairman of The Hamleys Group. Joseph Corré and Serena Rees are the founders of Agent Provocateur. Corré stays on with the business as creative director, while Rees has decided to pursue new opportunities.

Advisers

Equity - PricewaterhouseCoopers, (Financial Due Diligence)Equity - PricewaterhouseCoopers, (Commercial Due Diligence)Equity - Travers Smith, Caroline Murphy, Chris Hale, David Innes, Margaret Moore, Martin Wygas, Richard Marske, Simon Skinner (Legal)Management - Manches & Co , (Legal)Management - Pinsent Masons, (Legal)Vendor - Davenport Lyons, (Legal)Vendor - Goodman Derrick, (Legal)Vendor - Hammonds, (Legal)