CLOSE to a dozen private equity firms have approached brokerage Daniel Stewart over a potential partnership with Jimmy Choo to spent £500m buying back part of the company Choo founded, City A.M. has learned.
Daniel Stewart is advising Choo on the bid to buy his company back from private equity firm, Towerbrook Capital, which has announced its intention to sell the business.
Daniel Stewart chief executive told City A.M.: “There’s a lot of private equity interest in the bid. We’re going through the detail and deciding which the best one to carry forwards is in the next two or three weeks.” He added it is unlikely Choo will partner with more than two firms.
Winning the Choo mandate was a coup for Daniel Stewart, which yesterday announced it expects revenues of £8m for 2011, up from £3.5m last year. It expects a profit of £1m versus a £2.6m loss last year.