TowerBrook Capital Partners, the transatlantic buyout group, has bought a majority stake in French clothing brand Kaporal.
The deal, which remains subject to customary regulatory clearance, is expected to close next July. No price tag was disclosed for the transaction.
Founded in 2003, Kaporal initially started as a denim supplier in Marseille, Southern France. It has since grown to become France’s largest producer of jeans and sportswear, offering men and women prêt-à-porter apparel through retail and wholesale channels.
Kaporal: French denim
The brand received the backing of MBO Partenaires in 2008, through a transaction that saw the French SME investor acquire 30 percent of parent company Reservoir Team. The company now operates 50 stores through France, and generated sales of €110 million last year.
The deal, which will see founder Laurent Emsellem and MBO Partenaires reinvest in the group, will value Kaporal within the €50 – €100 million range, according to reports.
This latest deal comes just a few weeks after TowerBrook acquired True Religion, a California-based denim producer valued at €835 million. The firm is to buy all outstanding shares of the company’s common stock for $32 per share in cash, a 52 percent premium on True Religion’s October listing price, in the third quarter of this year.
It is not the first venture in the apparel sector by TowerBrook, which sold designer shoe brand Jimmy Choo to luxury group Labelux for £550 million (€646 million, $834 million) in 2011. The firm closed its Fund IV on its hard-cap of $3.5 billion last February.