Portfolio companies – Republic

Change Capital Partners backs £105 million buy-out of Republic 

Change Capital Partners, the private equity firm specialising in retail and consumer, has backed the £105 million buyout of the rapidly expanding young adult fashion retailer, Republic. Tim Whitworth (Chief Executive Officer) and Carl Brewins (Buying Director) have reinvested in the company.

Republic currently operates 76 stores throughout the UK, offering its customers aspirational brands such as Bench, Hooch, Replay and G-Star, as well as up and coming niche brands and its own exclusive range. Over the last 2 years the company has opened 36 new stores driving sales to GBP100 million. 

The company aims to grow by driving sales in the existing portfolio and by opening new and larger stores across the UK 

Republic was previously owned by a consortium consisting of three managers (the CEO, CFO and Buying Director) and 3i. In the new ownership structure the CEO, Tim Whitworth, and the Buying Director, Carl Brewins will reinvest as shareholders. Change Capital will be the majority shareholder and will actively support management in developing the company.

Tim Whitworth, CEO, Republic, said:

"We are delighted with today's announcement. I and the team at Republic are ambitious to take the company to the next level and believe that we have the right partner in Change Capital to achieve this. We have deliberately sought an external investor who really understands our business and can help us achieve our ambitions, over and above bringing purely financing"

Steve Petrow, Managing Director, Change Capital Partners, said today:

"In a difficult retail climate in the UK, Republic stands out as a star in its sector. Today's announcement reaffirms Change Capital Partners commitment to building relationships with talented management teams to develop businesses and seek growth potential within their industry. We are excited about the opportunity to grow Republic into the UK's leading multi-brand retailer of young adult fashion."

Lloyds TSB Acquisition Finance provided senior debt and working capital facilities to support the transaction, continuing a 20 year association with Republic. Mark Blower, Director, of Lloyds TSB Acquisition Finance said "we are delighted to continue to support Tim and Carl through this next stage of Republic’s evolution."

For further information please contact

Steve Petrow, Change Capital Partners 020 7808 9110

Gill Ackers / James Olley, Brunswick 020 7404 5959