HgCapital sells clothing company to EMERAM

The investment in the Manchester-based Americana International marks EMERAM’s second deal from its debut fund.

Munich-based EMERAM Capital Partners will buy Americana International, the owner of the international fashion brand Bench, from HgCapital.
Financial details of the transaction were not disclosed. Both HgCapital and EMERAM declined to comment. 
Bench, set up in 1987 in Manchester, sells its products in 26 countries across Europe and North America. Its global sales are in excess of £100 million per year and its revenue comes from e-commerce, 80 owned and franchised retail stores and through a network of wholesale partners, according to an EMERAM statement. 
EMERAM bought the business using equity from its debut fund, which is currently in market attempting to raise €350 million. The fund, which has a €400 million hard-cap, was nearing a first close in summer, a source familiar with the matter told PEI in July. It is understood UBS is helping EMERAM to raise the fund.
The investment in Americana is EMERAM’s second investment. Last November, the firm acquired Boards & More Group, a company that sells kite-surfing equipment. EMERAM – in conjunction with the existing management team – bought that company from Swiss Airesis Holding for approximately around €39 million.
HgCapital bought the company in March 2007 for £190 million including debt, it said in a statement at the time. 
EMERAM, which was established in 2012, is led by two former executives from The Riverside Company and two from Apax Partners. Christian Näther spent 11 years at Apax, where he co-headed the Munich office. Prior to EMERAM, Korbinian Knoblach was also with Apax, where he worked in their Munich and New York offices for ten years. Another team member is Kai Köppen, who built up the German office of The Riverside Company.
Volker Schmidt also joined from The Riverside Company, where he had worked in the German office for eight years. Kai Obring, another team member, worked at The Boston Consulting Group (BCG) for nearly 20 years, where he focused on industrial goods. Eckhard Cordes, a member of the executive board at Daimler, spent more than 30 years at Daimler. He also served four years on EQT’s investment committee.