Reuters reported Lion Capital LLP of London and Goode Partners LLC of New York signed an agreement to acquire have reached an agreement to buy brand AllSaints Spitalfields. Financial terms were not disclosed. AllSaints is a British fashion brand.
(Reuters) – Private equity firms Lion Capital and Goode Partners have reached an agreement to buy struggling British fashion brand AllSaints Spitalfields for an undisclosed sum, they said on Thursday.
AllSaints has 62 stores and 45 concessions across the UK, the rest of Europe and the United States and has annual revenues of over 200 million pounds ($331 million).
Media reports said it was struggling to refinance its debts and faced administration if a deal could not be reached.
The business was majority-owned by nationalised Icelandic banks Kaupthing and Glitnir after the collapse of Icelandic investment group Baugur in 2009.
(Reporting by Mark Potter, Editing by James Davey)