TLT has advised SCP Private Equity on its acquisition of T.M. Lewin from Bain Capital Credit.
The British menswear brand was acquired by Torque Brands – a special purpose acquisition vehicle set up by SCP to acquire a portfolio of complementary British brands and ensure they have a long and successful future.
The specialist retail sector team at TLT, led by corporate partner Jon Gill, comprised a wide variety of experts. The multidisciplinary team worked rapidly to complete the end-to-end requirements, from deal structuring, financing, due diligence and acquisition documents to completion.
T.M. Lewin was established in 1898. The company recorded sales of over £120m in FY20 and has seen a rapid growth in online sales, totalling more than 30% of the group’s revenues last year.
SCP is a London-based private equity investor specialising in the consumer sector. Managing partner James Cox is working alongside a seasoned team of investment and operating experts, including Robert Schneiderman (ex-KPMG and Hilco), who combined have led liquidity events totalling more than £30bn in the sector.
Bain Capital Credit is a leading global credit specialist, which acquired T.M. Lewin in 2015.
James Cox, managing partner of SCP, says: “There are significant headwinds against great retail businesses in the current environment, but we wholeheartedly believe in the enduring attraction of brand Britain.
“I was impressed by TLT’s broad range of expertise and the team’s understanding of the retail sector and private equity transactions. They moved quickly, delivered excellent work in a very short space of time and ensured that we can now focus on helping T.M. Lewin adapt to the rapidly changing retail landscape.”
Perran Jervis, head of retail and consumer goods at TLT, says: “The retail sector has undergone significant changes as a result of the growth of online, and will face even further disruption as a result of the global pandemic. Even the most well-established brands are facing difficulties and will need to find ways to adapt to survive, whether that’s through a sale or some other form of support.
“We are delighted to have played a role in this important step in T.M. Lewin’s 120-year history and to be applying our own expertise to support the industry as it navigates the current uncertainty.”
TLT is a top 50 UK law firm specialising in key sectors including retail and consumer goods, and has worked for brands including boohoo, Superdry, N Brown, Anthropologie, Matalan, Peacocks, Austin Reed, Jaeger, Jane Norman and JD Sports.