Global law firm Clifford Chance advised Trinitybrook plc, Apax and Permira on the GBP 699.1 million public-to-private acquisition of major UK womenswear chain New Look Group plc. Takeover vehicle Trinitybrook is a newly incorporated company owned by leading private equity houses Apax and Permira, and New Look company founder Tom Singh and family. Weymouth-based New Look, founded 35 years ago, is one of the Britain’s most successful fashion chains geared towards young women, with 640 stores across the UK and France.
The two leading private equity houses involved in the New Look acquisition – Apax and Permira – have also teamed up before, most prominently in October 2003 when they successfully bid US$1.5 billion for UK-based satellite firm Inmarsat. Clifford Chance also advised them on this transaction.
The takeover will be conducted under a scheme of arrangement, which allows a bidder to squeeze out minorities after gaining acceptances of just 75%. The scheme requires the approval of London’s High Court.
The Clifford Chance team was led by London corporate partners David Pearson and Matthew Layton.