ISIS invests in Bench and Hooch

ISIS Equity Partners plc (ISIS) has invested £6.4m as part of the Management Buy Out of Americana Limited, a fashion clothing business. Deloitte & Touche Corporate Finance acted as financial advisers to ISIS and management, with debt facilities provided by The Royal Bank of Scotland, Corporate and Structured Finance team in Manchester. Americana, based in Manchester, specialises in the design, wholesale and retail of fashion and streetwear clothing aimed at the youth market under the brand names of "Bench" and "Hooch", which have been worn by celebrities Robbie Williams and Jordan. Americana's annual turnover in the financial year to 31 December 2002 was over £25m, with operating profits of £6.3m. The company has been identified as one of the UK's fastest growing businesses according to the Inner City 100 Index 2002. Its clothing is marketed through wholesale agreements with larger retailers including Selfridges and House of Fraser and via a retail chain of 8 stores throughout the UK. Americana employs over 250 staff and expects turnover in the current financial year to be around £35m. Americana Managing Director Alan Horridge commented: "We are delighted to have completed the Management Buy Out of the business. I am looking forward to implementing our growth plans with the support of our institutional funders." Andy Gregory, Investment Director, together with Pete Clarke, Director, New Investments, both based at ISIS' Manchester office, led the transaction on behalf of ISIS Equity Partners. Gregory said: "From the outset we recognised Americana as having two strong fashion brands supported by a highly effective sourcing operation and successful retail format. We believe that the business is extremely well placed to continue to deliver strong growth, given its well established infrastructure, solid customer relationships and absolute commitment to delivering high quality products and service." Tony Dean of The Royal Bank of Scotland commented: "A clear understanding of our client's requirements and a professional open and honest relationship with the advisers were the key to the successful completion of the deal." Deloitte & Touche Corporate Finance, Ernst & Young Transaction Services and Addleshaw Goddard acted on behalf of ISIS. Royal Bank of Scotland was advised by DLA. Berg & Co advised the Management Buy Out team. Mark Turner, Director, Portfolio Management, will join the Americana Board on behalf of ISIS.

Published: 12 August, 2003