Silverfleet steps out of Office

The deal awarded Silverfleet with a 3.4x return. The GP acquired Office in December 2010 from previous backers West Coast Capital. The deal value was not disclosed but was thought to be in the £150m area.

Since then, the GP has supported the retailer's growth through boosting its online offering, increasing stand-alone store numbers from 75 to 115 in the UK, as well as opening six new sites in Germany. Office's concessions grew slightly, from 40 to 47. According to Silverfleet, increased store numbers have created 1,200 new jobs.

Company
Established in 1981 and headquartered in London, Office sells footwear through a multi-channel offering, including stores, department store concessions and an online store.

The company generated sales of £270m in 2014.

People
Partner Gareth Whiley led the deal for Silverfleet. Brian McCluskey is CEO of Office.

Advisers
Vendor - Rothschild (Corporate finance); JP Morgan (Corporate finance); PwC (Financial due diligence, tax); Travers Smith, James Renahan, Jessica Kemp, Mahesh Varia, Tamara Kilner, James Parker (Legal).
Equity - Shoosmiths, Kieran Toal (Legal).
Management - Dickson Minto, Colin MacNeill, Andrew Nuthall (Legal).  

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• UK / Ireland
• Consumer
• Silverfleet Capital