August 3, 2015
- Press Release
Sankaty Advisors, LP, the credit affiliate of Bain Capital, announces that affiliated funds have invested alongside T.M. Lewin’s management team to refinance the business and buy out the equity stake owned by Caird Capital. T.M. Lewin, the famous British shirtmaker founded in Jermyn Street in 1898, has 185 stores around the world. Sankaty provided mezzanine debt and equity for the transaction, with Lloyds Banking Group providing senior debt. The transaction was led by Sankaty’s Middle Market Group and European retail teams.
“Sankaty has consistently demonstrated that they have a detailed understanding of both our industry and our company,” said Geoff Quinn, CEO of T.M. Lewin. “Not only will they provide us with a much more flexible capital base to support our growth, but their sector expertise will be hugely beneficial in delivering on our vision for the future which aims to put our customers and products firmly at the centre of our business.”
Sankaty Advisors’ Middle Market Group actively seeks to invest upwards of $15 million in the form of debt and equity in companies with EBITDA of $10 million or greater in Europe, North America and Australia/New Zealand. Sankaty can provide senior, unitranche and mezzanine debt, as well as equity co-investments. Since its inception in 1998, the Middle Market Group has provided more than $7.5 billion in capital for over 200 transactions.
“We are delighted to be supporting the growth of T.M. Lewin, a business with great potential to expand its existing international and online presence. Its position as a UK market leader in specialist formal wear retail demonstrates the power of this historic brand and an impressive operational and financial performance during the past few years.” said David Brooks, an Executive Vice President on Sankaty’s European team. “This is another example of how companies are choosing Sankaty as a partner because we can tailor financing at any level of the capital structure to meet their evolving needs and we have sector experts who understand their business and markets.”
Sankaty was advised by Proskauer Rose and PwC on the transaction. T.M. Lewin was advised by Hogan Lovells, KPMG and BDO International. The due diligence for the transaction was conducted by KPMG and Pragma Consulting.
About Sankaty Advisors, LP
Sankaty Advisors is the credit affiliate of Bain Capital, LP and one of the world’s leading private managers of fixed income and credit instruments. Founded in 1998 and now managing more than $25 billion of assets globally, Sankaty has an integrated team of more than 230 people that enables the firm to invest up and down the capital structure and to conduct rigorous, independent analysis of thousands of corporate issuers. Sankaty invests in a wide variety of securities and investments globally, including leveraged loans, high-yield bonds, mezzanine debt, structured products, real estate and equities. An employee-owned private partnership, the firm has offices in Boston, New York, Chicago, London, Luxembourg, Dublin, Hong Kong and Melbourne. Sankaty Advisors, LP is registered with the Securities and Exchange Commission and Sankaty Advisors, Ltd., is authorised and regulated by the Financial Conduct Authority. For more information, please visit www.sankaty.com.
Sankaty’s European team, consisting of more than 30 professionals based in London, has a successful 13-year track record of investing in European leveraged loans, high yield bonds and mezzanine capital, and currently manages investments in approximately 100 companies.
About T.M. Lewin
Founded in 1898, T.M. Lewin is a British businesswear retailer, known for its Jermyn Street heritage, invention of the first button-through shirt and affordable British style. T.M. Lewin serves customers from over 95 stores in the UK and Australia and over 90 franchise stores in the Middle East, Africa, India, South East Asia and a strong online presence. T.M. Lewin is led by Geoff Quinn, who has been with the business for 35 years and been CEO since 1993, since when he has significantly expanded the store footprint.
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