|By Business Wire||
|July 22, 2014 04:00 AM EDT||
Baring Private Equity Asia (“Baring Asia”) announced today that funds advised by the firm have acquired a substantial stake in UK-based global lifestyle brand company, Cath Kidston, from its existing majority shareholder TA Associates (“TA”) and members of the company’s management team. Baring Asia will have equal ownership with TA, and will partner with TA and the current management team to expand the brand and further develop its network in Asia.
Dar Chen, a Managing Director at Baring Asia, commented, “Cath Kidston is an established and profitable brand and, with strong underlying trends in consumer demand across Asia, we look forward to further developing the brand across the region. We believe that cross border transactions of this nature will increasingly enable Baring Asia to demonstrate the value that our pan-Asia network and hands-on operational experience can bring to Western corporations looking to develop their business in the region.”
Christopher Parkin, a Managing Director at TA Associates, said, “We have enjoyed partnering with Cath Kidston over the past four years and assisting with their international growth. We welcome Baring Asia as a new investor and look forward to working closely with them and management as Cath Kidston continues its international expansion.”
Kenny Wilson, CEO at Cath Kidston, commented, “Finding the right partner to help us manage the development of the Cath Kidston brand in Asia was a key consideration for us and I am delighted that Baring Asia has invested in the future of our business. Their support and operational experience will be invaluable as we expand further in the region. And with the continued backing from TA Associates we now have an even greater opportunity to build on the enormous appeal of the Cath Kidston brand internationally.”
UBS acted as exclusive financial advisor to TA Associates and Cath Kidston on the transaction.
About Baring Private Equity Asia
Baring Private Equity Asia is one of the largest and most established independent private equity firms in Asia and advises funds that manage more than $5 billion in committed capital. The firm runs a pan-Asian investment program, specializing in mid-cap buyouts and providing growth capital to companies for expansion or acquisitions. The firm has been investing in Asia since its formation in 1997 and has approximately 100 employees located across seven offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore, Jakarta and Tokyo. Baring Asia currently has over 30 portfolio companies across Asia with 95,000 employees and revenues of over $25 billion in 2013. For more information about Baring Private Equity Asia, please visit www.bpeasia.com.
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 440 companies around the world and has raised $18 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. More information about TA Associates can be found at www.ta.com.
About Cath Kidston
Founded in 1993 with a single shop in London’s Holland Park, Cath Kidston is today a fast-growing global lifestyle brand with stores in China, France, Hong Kong, Indonesia, Japan, Korea, Malaysia, Singapore, Spain, Taiwan, Thailand and the UK. In July 2014, Cath Kidston opened its 100th overseas store in Seoul, South Korea, bringing the total number of stores to 166. Known as the “home of modern vintage”, the brand offers a range of products from accessories and womenswear to childrenswear and home furnishings. In the year ended 30 March 2014 Group sales increased 10% to £116 million with EBITDA rising 19% to £25 million. International retail sales increased 37% to £46 million. For more information please visit www.cathkidston.com.
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