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.
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.”
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.