Brait to Acquire New Look for £780M, Catches £1.9B Valuation
May 18, 2015
Brait has entered into an agreement to acquire a roughly 90% stake in New Look Retail Group from Apax Partners and Permira for approximately £780 million. The transaction, which is expected to close in June, gives the company an enterprise value of £1.9 billion. Founded in 1969, New Look is a fast fashion multichannel retailer with a core target audience of 16- to 35-year-old women. Its average time from product design to store delivery is approximately 13 weeks, with certain items delivered in less than two weeks. For the 12 months ended December 2014, New Look generated revenues and EBITDA of £1.4 billion and £211 million, respectively.