ISIS Joins Crew Clothing Co
ISIS Equity Partners has acquired a 25 per cent stake in Crew Clothing Co, the quintessentially English brand for customers who enjoy an active and outdoor lifestyle, in a £7.75 million fund raising.
Crew's heritage is in its south-coast roots, having been founded as a single retail site in Salcombe in 1993 by managing director, Alastair Parker-Swift. The brand has since evolved into the fast growing premium active and casual wear sectors but has retained its unique heritage and position. It currently generates EBITDA of £1.8 million on sales of £13.5 million from 34 retail outlets across the UK plus growing wholesale and direct sales activities.
ISIS has a successful track record of backing active lifestyle brands which brought about the initial contact with Crew Clothing Co. The transaction has allowed the founder to realise part of his shareholding whilst also bringing other key members of the management team into the equity structure. ISIS will be represented on the board by Andrew Garside, who led the investment on its behalf alongside debt facilities provided by Lloyds TSB Corporate Markets.
The company has also been successful in attracting Peter Davies, an experienced and high profile retailer as chairman. Peter brings a wealth of experience gained from his time at Arcadia and as chief executive of Rubicon Retail, whose brands include Principles and Warehouse. He is also currently chairman of Clarks Shoes.
Peter Davies stated ""This is a great opportunity with Crew Clothing well positioned in the market and in a strong growth phase. The plan to double the size of the estate looks very achievable, we have a strong team in place and with the product going from strength to strength we will be appealing to a wider audience."
ISIS's investment follows a review of Crew Clothing Co. by Argyll Partners, the specialist retail and consumer products consultancy, on strategic options for the company and its founder.
Andrew Garside of ISIS commented, "We are delighted to be backing a highly motivated and ambitious team to build on Crew's excellent market position. We will be working alongside them to help accelerate growth through retail roll-out and other market channel initiatives".
Crew managing director, Alastair Parker-Swift, said, "I am extremely pleased to be working with ISIS as our partner to take the business forward. Their pedigree in working with retail brands, particularly in the active wear market, will greatly assist our development as a company, whilst we will also benefit from the knowledge that Peter Davies has gained from many successful years developing retail businesses".
Published: 20 November, 2006
