Livingbridge has sold UK-based Crew Clothing Company, a British “smart casual lifestyle” brand. The buyer was not named. No financial terms were disclosed.
Livingbridge, one of the UK’s leading mid-market private equity investors, today announces the sale of Crew Clothing Company, the “go-to British smart.casual lifestyle brand.”
The sale of Crew follows a period of strong growth and development for the brand driven by the appointment of Louise Barnes, who joined the business as CEO in 2014.
Livingbridge invested in Crew in 2006 and has helped materially expand the business with annual revenues nearing £60m from its portfolio of over 80 stores and e-commerce channel. With Livingbridge’s support, Barnes and her management team have navigated the significant changes in retailing to provide customers an integrated multi-channel offering, successfully sharpening the brand positioning, updating the product range, and overhauling the retail and e-commerce channels.
Crew, which has its heritage in British casual coastal style, was founded in 1993 by Alastair Parker-Swift in the back of a windsurfing school in Salcombe, Devon. The brand offers quality smart casual wear, accessories and footwear for men and women, including a range of iconic heritage products, all using its distinctive navy colourway, striped detailing and the crossed oars logo. Alastair Parker-Swift will continue to work with Crew under its new ownership, providing his unique understanding of the brand to the incoming management team and supporting them in the company’s next phase of growth.
Commenting on the exit, Bevan Duncan of Livingbridge said:
“We have really enjoyed working with Crew and look forward to seeing the next stage in its growth story. We would like to take this opportunity to thank Louise Barnes and her team for their dedication to Crew and the work she has led in reinvigorating and strengthening the brand.”
Livingbridge are an independent, specialist asset management firm of over 80 people in the UK and Australia with over £1bn to invest in fast growing companies over the next five years.
Our team have been backing growing businesses together for twenty years, investing anything from £2m to £70m in businesses valued up to £150m. We’ve done it over a hundred times, turning many into household names both at home and abroad. We get growth.
We understand the people behind growing companies in consumer markets; healthcare and education; technology, media and telecommunications; financial services and business services, and help them achieve what’s right for them and their business.
We invest on behalf of both institutional and retail investors. We are actively investing funds on behalf of Livingbridge 6 LP, Livingbridge Enterprise 2 LP and the two Baronsmead Ventures Trusts. Livingbridge also manage Livingbridge CF UK Micro Cap Fund and Livingbridge CF UK Multi Cap Income Fund.