South African fashion retailer Truworths International has agreed to acquire a 88.9% interest in Office Retail Group from Silverfleet Capital.
The transaction is expected to be completed in December, subject to approval from the South African Reserve Bank.
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The deal values UK-based Office Retail Group £256m, with the management team retaining a 11.1 % shareholding.Truworths has the option to buy that stake over a period of three to five years.
The acquisition marks TruworthsInternational’sentry into Europe.
Under Silverfleet’s ownership, Office Retail Group enhanced its e-commerce offering, expanded its retail outlets from 75 to 115 stand-alone stores in the UK and the Republic of Ireland.
The company opened six outlets in Germany as part of its expansion into Europe. It also increased the number of concessions to 47, which are located in Selfridges, Topshop, Topman and House of Fraser.
Office Retail Group CEO Brian McCluskey said:"Together with Silverfleet we have grown the business into the success it is today.
"We are excited to have found a long-term strategic retail partner in Truworths International. We look to further invest in the business and continue our success as part of Truworths International."
