L Capital Asia, the private equity firm sponsored by luxury brands group LVMH, has acquired a 49.9 percent stake in R.M. Williams, according to a company statement. The firm didn’t disclose the deal value, but media reports said it was worth A$52 million (€41 million; $54 million).
Ken Cowley, R.M. Williams owner and chairman, retains the majority shareholding in the R.M.Williams business. The firm declined to comment further on the deal.
L Capital expects to help the retailer expand into new markets. The deal is expected to officially close mid-May, when new board members will be announced.
“R.M.Williams is part of the heritage and fabric of the Australian way of life. It is a brand that we can all identify with. We are committed to the R.M.Williams legacy and are ensuring the future growth of this company by aligning with L Capital, which is sponsored by one of the globe’s most authoritative luxury groups, LVMH,” Cowley said in a statement.
L Capital Asia is a $1 billion fund raised by France-based private equity firm L Capital Management. The firm launched its second vehicle this year targeting $800 million, according to Private Equity International’s Research & Analytics division.