ABN AMRO Capital in the Netherlands has joined forces with Dutch private equity house H2 Equity Partners to buy a controlling stake in women clothes manufacturer, Olly, from founder and shareholder Willem Olsthoorn.
Financial details have not been disclosed, although the deal is believed to be a debt free transaction.
Following completion of the deal, H2 Equity Partners will take an active role in the company together with management and ABN AMRO will also provide strategic support. The deal has received regulatory approval and is expected to be finalised later this month.
At ABN AMRO Capital, senior investment manager, Anne Snel-Simmons said the firm first became aware of the deal last summer when H2 Equity presented them with the idea. Commenting on the firm’s plans for the business going forward, she said: “We are looking to further grow the business and enhance profitability. This will mainly be through organic growth, although acquisitions are not out of the question.”
ABN AMRO Capital has announced a series of deals across a range of industries over the past months. Last week, the firm joined forces with French fishing products manufacturer Viellard Migeon & Cie to buy Rapala VMC, a Finnish manufacturer and distributor of fishing equipment.
Established in 1963, Olly is a group of businesses that designs, manufacture and sell women's and children’s clothing and accessories under the 'Oilily' brand. The firm has sales of approximately E90m and employs around 470 full and part time staff.