LONDON — TowerBrook Capital Partners LP said Friday it has sold Phase Eight, the British high-street women’s clothing and accessories brand, to South Africa’s The Foschini Group.
The transaction values Phase Eight at 238 million pounds, or $362 million at current exchange.
TowerBrook invested in the brand in early 2011, and grew its retail network from 231 stores and concessions across the U.K. and Ireland to 438 stores and concessions across 18 countries, in markets such as Germany, Switzerland, Sweden, the Netherlands, the Middle East, Hong Kong, Singapore, Malaysia and Australia.
The Foschini Group is an independent retail group in South Africa with more than 2,200 stores and 17 retail brands in clothing, jewelry, accessories, sporting and outdoor apparel and equipment. TowerBrook said the sale will allow Phase Eight to accelerate its international expansion plans.
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“Phase Eight has been a successful investment for TowerBrook,” said the firm’s managing director Winston Ginsberg. “We backed a very impressive management team who managed to nearly double the number of stores and concessions worldwide, growing revenues and increasing profitability by 40 percent. The sale to TFG will enable the business to continue to grow strongly and we wish the management team every success for the future.”