TLT has advised Barclays Bank and the management team of leading photographic retailer Wex Photographic on its sale to AURELIUS Equity Opportunities SE & Co.
Corporate partner Jon Gill led the TLT team, supported by corporate lawyers James Webb, Nicole Spurling and Dan Akers. Partner Nathan Williams and Legal Director Mark Braude provided tax advice and lawyer Sam Hill advised on banking matters.
Wex will merge with Calumet Photographic, which AURELIUS acquired in June 2016, to create a leading omnichannel offering for the enthusiast and professional photographer market across the UK and Europe, with combined revenues of over EUR 175 million. Wex is currently the country’s largest online specialist photographic retailer, with an annual turnover of EUR 84 million based in Norwich.
TLT corporate partner and head of private equity Jon Gill said: "This is significant deal in the retail sector, bringing important new investment to Wex Photographic to cement its leading UK market position and pan-European offering. Its merger with the Calumet team, adding their in-store expertise, will deliver a true cross channel retail experience for customers. We were delighted to have the opportunity to assist Barclays and the management team realise value from their investment journey to date, and also support David and his team in their new partnership with AURELIUS."
David Garratt, CEO of Wex Photographic said: "This was a hugely important transaction for Wex and its investor, Barclays. Jon and the team at TLT provided invaluable support to all stakeholders throughout the process. The advice was first rate at all times and the inevitable issues that cropped up were worked through calmly and efficiently. The TLT team were a pleasure to work with. The Wex team now look forward to taking the business to the next level with the support of our new backers at AURELIUS.”