Jon Moulton’s acquisition spree continues as his private equity company Better Capital snaps up luxury clothing label Jaegar for £19.5m.
“It’s a great brand. We believe it can be grown and improved. That’s what Better Capital tries to do!,” Moulton told LondonlovesBusiness.com.
The Jaeger deal follows the acquisition of double glazing company Everest by Better Capital’s second fund last month.
The Company bought all the secured debt and a 90 per cent stake in Jaeger “by a special purpose vehicle ultimately owned by the 2012 Fund.”
The struggling high-end fashion label made a profit before tax of £772,000 in the year to February 2011, down from £2.22m in the previous year.
Jaeger was established in 1884 by Lewis Tomalin and made its name with its fashionable menswear and traditional womenswear ranges. British retail entrepreneur and investor Harold Tillman took a majority investment in Jaeger in 2002.
He then recruited former Debenhams chief executive Belinda Earl to run the business two years later. The pair bought the Aquascutum brand in 2009. Earl stepped down as chief executive of Jaeger and Aquascutum for health reasons last month.
Better Capital runs two AIM-listed funds, the first of which floated in 2009 and the second last year. They raised £210m and £158m respectively in their initial public offerings.