T.M. Lewin, the Jermyn St based British menswear brand, established in 1898, has been acquired by Torque Brands, a special purpose acquisition vehicle setup by London-based consumer specialist, SCP Private Equity.
T.M. Lewin, a brand built on craftsmanship, attention to detail and value for money operates a global business, with sales of over £120m in FY20.
The company’s online sales have grown quickly, totalling more than 30% of the group’s revenues last year, with the brand over indexing in terms of sales in the 25 – 34 year-old demographic, positioning it well to capitalise on the growth in smart casual workwear.
SCP, a specialist private equity investor, focused on the consumer sector, is headed up by Managing Partner, James Cox; who will also act as Executive Chairman of Torque Brands. Cox is working alongside a seasoned team of investment and operating experts, who combined have led liquidity events totalling more than £30bn in the sector.
The SCP team includes ex-ASDA CEO Allan Leighton, who led their turnaround and subsequent £6.7bn sale to Walmart; Leighton has also sat on the Boards of some of Britain’s best-known brands, including Selfridges & Co, Dyson, The Royal Mail, The Co-Operative Group, Lastminute.com, Wagamama and Entertainment One PLC, leading their $3.8bn sale to Hasbro in 2019. Other notable team members include ex-Harrods MD, Paul Taylor; and two-time FTSE 100 Chairman, Michael Jackson.
SCP takes over the reins from Bain Capital Credit, a leading global credit specialist, which acquired T.M. Lewin in 2015; with the transaction overseen by corporate finance advisory firm, Alantra. TLT LLP advised SCP on the acquisition.
Commenting on the announcement James Cox, Managing Partner of SCP said: “There are significant headwinds against great retail businesses in the current environment – posing a very real threat to the sector’s future.”
“We wholeheartedly believe that specialist vertical-specific British brands, such as T.M. Lewin, will continue to hold a premier position in the eyes of the global consumer, and look forward to the challenge of helping the company adapt to the rapidly changing retail landscape.”
“Torque Brands has been set up by SCP to acquire a portfolio of complementary British Brands into one centralised shared services platform. It’s a big supporter of the power of brand Britain and is actively acquiring heritage homegrown talent which we see having a long and successful future.”
“This is an exciting time for the renowned shirt maker and marks the start of a new chapter in its long and illustrious 120-year history.”
“We very much value the brand, and look forward to building on the great work done by the team to date.”
Brad Palmer, a Managing Director at Bain Capital Credit, said: “We have supported T.M. Lewin since 2015 and, together with the team, have continued to build this venerable British brand.”
“Notwithstanding the challenges facing the retail sector, and most recently from COVID-19, since our ownership the business now has a true multi-channel business in the UK across stores and online, a large and loyal customer base and an even stronger brand proposition.”
