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AllSaints bought by private equity firms

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Private equity companies have stepped in to buy youth fashion chain and multichannel retailer AllSaints .

Lion Capital and Goode Partners say as owners of the £200m turnover business they hope to take it “to the next level.” They are reported to have paid £105m for their stake in the fashion brand.

AllSaints was founded in 1994 and now has 62 stores and 45 concessions in the UK, US and Europe as well as an award-winning online website responsible for, says the two purchasers, “substantial internet sales”.

But it hit cashflow problems after two of its backers, the Icelandic banks Kaupthing and Glitnir, put their shares up for sale following the collapse of their country’s banking sector.

Now the company has won backing from Lion Capital and Goode Partners. Reports put the Lion Capital stake at 65% and Goode’s at 11%, with AllSaints’ founder owning 15% and the company’s management with 9%.

Lyndon Lea, partner of Lion Capital, said: “We are very excited to invest in a brand with such enormous international potential. AllSaints, in our view, combines leading product and store design with an online presence well beyond many other retailers of its size.

“We look forward to partnering with Kevin and the management team to continue the success of the business.”

David Oddi, partner of Goode Partners, said: “We’re excited to be able to play a role in the development of this dynamic brand at such a critical point in its evolution. We’re looking forward to leveraging our expertise to help the management team take this business to the next level.”

AllSaints’ chairman and founder Kevin Stanford said:

“I’m pleased to have the support of two private equity firms, both of which are focused on the consumer sector, to put AllSaints on a solid financial footing. This equity-funded capital structure will now enable the management team, led by Stephen Craig, to realise the full potential of AllSaints, consistent with our vision.”

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