BECAP12 Fund LP Acquires 90% stake in Jaeger Group
Better Capital PCC Limited (the "Company") is pleased to report that BECAP12 Fund LP (the "2012 Fund") has completed its second acquisition.
The Company has today been informed of the acquisition of all of the secured debt and a 90% stake in Jaeger Group Limited ("Jaeger") by a special purpose vehicle ultimately owned by the 2012 Fund. The aggregate cost of the acquisition was £19.5 million, the substantial majority of which was in respect of the acquisition of the secured debt with the remainder in respect of the equity stake.
Jaeger is a UK-based high-end fashion brand and retailer of womenswear and menswear operating from a number of stores, concessions and outlets in the UK and overseas.
Jaeger's audited revenues and operating profit for the year to 28 February 2011 were £94 million and £1 million respectively. At that date the group's net assets were £11 million.
This investment opportunity was allocated to the 2012 Fund, in which the Company's 2012 Cell is invested, in light of the level of investment required relative to the uncommitted funds available to BECAP Fund LP in which the Company's 2009 Cell is invested.