Tycoon sells 25% stake in Topshop to US private equity firm
LONDON (AFP) - British entrepreneur Philip Green said on Thursday that he has sold 25 per cent of the fashion retail brands Topman and Topshop to United States (US) private equity firm Leonard Green & Partners for 500 million pounds (S$981 million).
The transaction values the combined Topman/Topshop business at a total of 2.0 billion pounds, Mr Green announced in a statement, adding that the deal would wipe out debts and accelerate global expansion.
"I am pleased to announce that we have completed the sale of a 25-per cent equity interest in Topshop/Topman Limited to Leonard Green & Partners (LGP)," said Mr Green, whose retail company Arcadia has owned both brands since 2002.
US-based Leonard Green & Partners (LGP) already has investments in retail groups including Whole Foods Market, J.Crew, Neiman Marcus, Petco and The Container Store.