British menswear brand TM Lewin has today been acquired by SCP Private Equity via special purpose vehicle Torque Brands.
TM Lewin, which was established in 1898, was sold to SCP for an undisclosed amount by Bain Capital Credit which acquired the shirt-and-tie retailer in 2015.
SCP has acquired the business as a going concern, taking over the full store network and with plans to maintain key supplier relationships.
TM Lewin has sales of over £120m in financial year 2020.
Sky News reported that rival retailer Charles Tyrwhitt has mulled an offer for the business.
TM Lewin has 66 UK stores and five in Australia. Approximately 650 of the company’s 700 staff have been furloughed under the government’s job retention scheme.
James Cox, managing partner of SCP, said: “There are significant headwinds against great retail businesses in the current environment – posing a very real threat to the sector’s future.”
“We wholeheartedly believe that specialist vertical-specific British brands, such as TM Lewin, will continue to hold a premier position in the eyes of the global consumer, and look forward to the challenge of helping the company adapt to the rapidly changing retail landscape
Brad Palmer, a managing director at Bain Capital Credit, said: “Notwithstanding the challenges facing the retail sector, and most recently from COVID-19, since our ownership the business now has a true multi-channel business in the UK across stores and online, a large and loyal customer base and an even stronger brand proposition.”
Corporate finance firm Alantra and law firm TLT advised SCP on the acquisition.