High street deal
Menswear retailer T M Lewin acquired by SCP
New tie: T M Lewin has a deal with a private equity firm
Menswear retailer TM Lewin has been acquired by London-based private equity firm SCP from from Bain Capital, via its subsidiary acquisition vehicle Torque Brands.
The vehicle was set up by SCP to “acquire a portfolio of complementary British brands into one centralised shared services platform”.
Rival retailer Charles Tyrwhitt had been reported as interested in acquiring the business which was put up for sale a month ago.
TM Lewin, which had sales last year of £120 million, has been backed by Bain Capital since 2015, when the firm invested alongside the retailer’s management team to refinance the business.
The SCP team also includes the former Harrods managing director Paul Taylor and ex-Asda chief executive Allan Leighton.
Bain Capital managing director Brad Palmer said: “We have supported TM Lewin since 2015 and, together with the team, have continued to build this venerable British brand.
“Notwithstanding the challenges facing the retail sector, and most recently from Covid-19, since our ownership, the business now has a true multi-channel business in the UK across stores and online, a large and loyal customer base and an even stronger brand proposition.”
All of TM Lewin’s 66 UK stores have been closed since the government enforced a lockdown.
About 650 of the company’s 700 staff have been furloughed under the government’s coronavirus Job Retention Scheme.
Corporate finance firm Alantra and law firm TLT advised SCP on the acquisition.