Apax favourite to land Matchesfashion in £800m deal
Private equity house Apax Partners is said to be close to completing a deal to purchase luxury mulitchannel retailer Matchesfashion.com.
Reports emerged over the bank holiday weekend that three PEs had been battling it out to secure the deal which had pushed the asking price up from £600m to £800m.
Sky News now reports that Matchesfashion's founders Tom and Ruth Chapman, who could net £400m from the sale, are close to sealing a deal with Apax. However since a deal is not yet signed, it could yet be trumped by rivals. KKR and Permira have also been linked with a possible bid.
The Chapmans, who revealed that sales at their business had jumped 61% to £204m last year, are being advised on the sale by Qatalyst Partners, a technology-focused advisory firm based in San Francisco. The pair founded the business 30 years ago as a boutique in Wimbledon and it now also has stores in Notting Hill, Marylebone and Richmond upon Thames, as well as a website selling 400 luxury brands, which ships globally.
In 2012 the Chapmans sold a minority stake in the business to Scottish Equity Partners and Highland Capital for £32m. Sale talk emerged earlier this summer when it was revealed the investors were seeking an exit. Both are set to secure a handsome return on their investment.
