Republic has been acquired by the private equity company TPG

Republic has been acquired by the private equity company TPG

Fashion group Republic has been acquired by the private equity company TPG for £300m (US$445.5m).

The deal follows a move by the company in April to hire investment bank Rothschild to explore its strategic options.

Republic, which owns brands such as G-Star and Diesel, is set to benefit from significant investment by its new owners, who wish to expand on its 103 stores in the UK, media reports have suggested.

The sale has provided a successful exit for Change Capital, the investment group which acquired a majority ownership of the company when it backed a management buyout of Republic in 2005.

Change Capital is run by the former Marks & Spencer bosses Roger Holmes and Luc Vandevelde.

Republic's founders, Tim Whitworth and Carl Brewins, who retained a 40% share when Change took over in 2005, are expected to keep working for the fashion company.