Livingstone’s Consumer sector team has advised the management team of Long Tall Sally, a leading multi-channel retailer of fashion for taller women, on the £30m acquisition of the business by Equistone-backed TriStyle Mode GmbH.
Founded in 1975, East-London-based LTS, led by CEO Andrew Shapin and backed by Amery Capital, has offered taller women real choice and up to date fashion through its 26 stores located in the UK, Canada, Germany and the US, and its online offering. The business will continue to be operated independently by the existing management team led by Shapin and Amery Capital Chairman Maurice Helfgott post-acquisition, with both Shapin and Helfgott reinvesting in TriStyle.
Munich-based TriStyle is a direct fashion retailer operating brands Peter Hahn and Madeleine, targeting 45+ women across Europe via mail order and online.
Andrew Shapin, Chief Executive Officer at LTS, said: “Our team, with the backing of Amery Capital, has transformed LTS from a £10 million UK retailer to an international, fast growing, profitable, digitally led £50m sales pa omni-channel business, with c. 70% of sales online. We are very excited about the opportunity to continue to accelerate our growth around the world with the backing of one of Europe’s leading direct to consumer fashion businesses.
“Simon and the team at Livingstone were instrumental in guiding me and my team through the process, demonstrating real creativity in ensuring shareholder and management interests were aligned and optimised. Without question they were an integral part of our deal team and made a real difference in working with each side to help complete the deal in a satisfactory way for all stakeholders.”
Maurice Helfgott, Chairman at Amery Capital, added: “I am very pleased to remain with the business as Chairman, and to reinvest with Andrew in TriStyle alongside such accomplished professional investors Equistone Partners Europe. It has been a genuine pleasure to work with Simon and the Livingstone team who added tremendous value in a big team effort.”
Simon Cope-Thompson, Partner at Livingstone, commented: “We are delighted to have helped Andrew and the management team negotiate this deal. The businesses are an excellent strategic fit, and I am confident that LTS will benefit greatly from Tristyle’s strong operating and sourcing capabilities.”
Jamie Hutton, Associate at Livingstone, concluded: “The acquisition will broaden LTS’s reach internationally. I am very confident that the business will continue to go from strength to strength with the support of TriStyle and Equistone Partners.”