TPG Buying UK Fashion House Republic

(Reuters) – U.S. buyout firm TPG is to buy British fashion retailer Republic in a deal worth about 300 million pounds ($445 million) from rival private equity house Change Capital Partners.

Republic’s founders Tim Whitworth and Carl Brewins will continue to run the business and remain significant investors in the 105-strong chain, Change Capital said on Monday.

No financial details were disclosed, but a source familiar with the situation said the deal valued the business at about 300 million pounds.

TPG said it was looking to expand the business, which sells its own range of clothes as well as brands including Diesel and Firetrap, further in Britain and Ireland and develop the online offering. A further 10 stores are already on the cards for this year.

Republic’s turnover has doubled to 200 million pounds since Change Capital acquired a controlling stake in 2005, and earnings before interest, tax, depreciation and amortisation has trebled.

(Reporting by Simon Meads; Editing by Dan Lalor) ($1 = 0.6743 pound)