US private equity firm OpenGate Capital has bought a majority stake in British model agency Models 1, the home to faces like Yasmin Le Bon, Linda Evangelista, Twiggy and Agyness Deyn. Financial details were not disclosed.
Deyn: on the books
The Models 1 management of John Horner, Karen Pryor and Kathy Diamond will stay on and remain as shareholders in the company.
The acquisition provides OpenGate with a platform for “aggressive expansion” via further investments in the fashion industry, said OpenGate founder and chairman, Andrew Nikou, in a statement.
Nikou, who formerly managed Platinum Equity’s European investment activities, established OpenGate in 2005. The firm manages more than $500 million, according to its website.
The firm specialises in corporate spin-offs and divestitures in special situations and in October bought TV Guide Magazine from listed media technology group Macrovision Solutions.
Cavendish Corporate Finance advised on the deal.