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Browne Jacobson advises on MBO of corporate apparel business from US based Tailored Brands Inc

22 August 2019

Browne Jacobson has advised management and Newco on the successful LDC backed management buyout of the corporate apparel business of US-based Tailored Brands, Inc (NYSE:TLRD), which values the business at £50m.

Employing over 800 people, the Group is the UK’s largest supplier of corporate clothing uniforms to businesses and individuals through its Dimensions, Alexandra and Yaffy brands in the United Kingdom and Twin Hill in the United States.

Tailored Brands, Inc is the largest speciality retailer of men’s suits and the largest provider of rental product in the United States and Canada, with over 1,700 stores. Its other brands include Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G.

The Browne Jacobson team comprised Gavin Cummings, Richard Cox, Sandra Wong, Sian Harrison and Becky Hesketh (corporate), Beth Dowson (tax), Jonathan Edwards, Melanie Chisnall and Sarah Hamilton (banking). Other buyside advisers included Clearwater International (corporate finance) whilst LDC was advised by Eversheds (legal) and KPMG (tax). Debt facilities were provided by PNC Business Credit. US law firm Troutman Sanders LLP advised on the acquisition of Twin Hill Acquisition Company, Inc.

Stuart Graham, Executive Chairman of the Group, said: “We have been part of Tailored Brands for almost a decade and during that time we have built our business into a truly global player. With LDC as our growth partner, we can focus on investing in our proposition, take our market-leading products and service to more customers at home and overseas, and ensure our business has solid foundations for future growth.”

Gavin Cummings, corporate finance partner at Browne Jacobson added:

“We are delighted to lead on a high profile, local mid-market private equity transaction and to manage the complexities associated with an international business and US seller. We are confident the Group with its strong market position and loyal customer base will continue to thrive in the hands of its new owners and experienced management team.”

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