LONDON – Change Capital Partners LLP, the London-based private equity firm, has sold the multi-brand denim and sportswear retailer Republic to TPG Capital, formerly known as Texas Pacific Group, for an estimated 300 million pounds, or $447 million at current exchange.


In a joint statement, the companies said that Republic’s management, including co-founder and chief executive Tim Whitworth, would remain in place. Republic operates 105 stores throughout the U.K. and sells brands including G-Star, Diesel and Firetrap.


Change purchased a controlling stake in Republic in 2005 and has since doubled the firm’s turnover to 200 million pounds, or $298 million, and trebled earnings before interest, taxes, depreciation, and amortization.


Co-founders Whitworth and Carl Brewins retain minority stakes in the company. The financial terms of the deal were not disclosed, although industry sources estimate TPG paid 300 million pounds.


A TPG spokesman said it sees “significant further potential” in Republic, and TPG would support management “as we take Republic into its next phase of growth.”

load comments
blog comments powered by Disqus