British menswear brand TM Lewin has been acquired by Torque Brands, a special purpose acquisition vehicle set up by London-based consumer specialist, SCP Private Equity.
The firm takes over the reins from Bain Capital Credit, a leading global credit specialist, which acquired TM Lewin in 2015. It is led by managing partner James Cox who will also act as executive chairman of Torque Brands.
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Cox is working alongside a seasoned team of investment and operating experts, who combined have led liquidity events totalling more than GBP30bn (US$36.7bn) in the sector. Among them is ex-Asda CEO Allan Leighton, ex-Harrods managing director Paul Taylor, and two-time FTSE 100 chairman, Michael Jackson.
In a statement, Cox said Torque Brands has been set up by SCP to acquire a portfolio of complementary British brands. The aim is to establish a portfolio of five to eight brands over the next 12-18 months, which will be integrated onto one common shared services platform.
“There are significant headwinds against great retail businesses in the current environment – posing a very real threat to the sector’s future,” he said.
“We wholeheartedly believe that specialist vertical-specific British brands, such as TM 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.”
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He added Torque Brands is a “big supporter of the power of brand Britain and is actively acquiring heritage homegrown talent.”
Established in 1898, TM Lewin operates a global business with sales of more than GBP120m in FY20. The company’s online sales amounted to more than 30% of the group’s revenues last year.
The terms of the deal were not disclosed.
