UK occasion wear brand Jacques Vert today (19 December) received an acquisition bid from Sun Capital subsidiary Minverva Bidco.

Jacques Vert said that at 21p a share for the company, the offer values the brand at GBP41.2m. The price is a 68% premium on the share price on 16 December.

Minerva Bidco said the acquisition of Jacques Vert will provide Sun Capital with greater scale and penetration in this segment of the retail channel, while adding new and complementary brands to Sun Capital's portfolio of retail and apparel companies.

It said it believes that Jacques Vert is "better suited to a private company environment", which would allow Jacques Vert to be grown profitably within a simplified and more cost efficient corporate structure.

The board of Jacques Vert has recommended that shareholders accept the offer. Since the announcement this-morning, Minerva Bidco has already agreed to acquire some 101,545,767 shares in the brand, some 52.8% of the issued share capital.

The offer came as the company saw first-half net income fall 27.6% to GBP2.1m. For the half ended 29 October, revenue was broadly flat at GBP54.40m against GBP56.47m in the same period of the previous year.

In September, Sun European Partners acquried troubled women's wear chain Alexon.