BALDERTON CAPITAL, the private equity firm, has sold online lingerie outfit Figleaves to home shopping group N Brown for £11.5m.
The sale of Figleaves, which generated revenues of £23m in the year to June and is on the verge of its first profit, will land a windfall for entrepreneur Daniel Nabarro. Nabarro founded the company in 1998 and still owns an equity stake. Julia Reynolds, Figleaves’ chief executive, will also see a return on her holding.
N Brown said the acquisition underlined its commitment to expand the e-commerce side of its business. Although N Brown already has three websites specialising in lingerie, Figleaves will give it access to a premium demographic through brands such as Calvin Klein and D&G.