British fashion brand Jaeger has been acquired by the second fund of Jon Moulton’s private equity vehicle Better Capital.
Jon Moulton‘s private equity vehicle Better Capital has bought iconic British fashion brand Jaeger.
The cost of the acquisition was £19.5 million, most of which went to purchase Jaeger’s secured debts, with the remainder used to buy 90 per cent of the equity in Jaeger Group through a special purpose vehicle.
The first high-street name to be acquired by turnaround-focused Better Capital, Jaeger announced sales of £94 million and and operating profit of £1 million in the year to February 2011. At the time it had net assets of £11 million.
Better Capital runs two AIM-listed funds, the first of which was floated in 2009 and the second last year. They raised £210 million and £158 million respectively in their initial public offerings.
The Jaeger deal follows the acquisition of double glazing company Everest by Better Capital’s second fund last month.