BancBoston Capital sells Unity Brands

The European private equity arm of Bank of America has generated a six times return on the sale of the UK lingerie specialist.

London-based BancBoston Capital, part of the European private equity network of Bank of America, has sold its stake in UK lingerie manufacturer Unity Brands.

Financial details were not disclosed but the sale, to incumbent management, generated a return of six times BancBoston Capital’s original investment, according to a press release.

BancBoston originally backed Unity Brands in 1997 for an undisclosed sum. According to a release, the firm has grown sales eight-fold and extended its geographical reach into Europe and the US under BancBoston’s ownership.

“Helping business managers with vision and ambition like [managing director] Tony Thwaites is the key to successful private equity investing,” said David Jeffrey, managing director of BancBoston Capital in a release. “A ‘win-win’ scenario like this, where BancBoston has made a highly satisfactory exit while at the same time assisting management to realise their own aspirations is especially rewarding.”

Northamptonshire-based Unity Brands is a designer and manufacturer of fashion lingerie and swimwear, specialising in larger bra cup sizes. The firm has turnover in excess of £40 million, and employs over 400 staff in the UK, US, France and Germany.