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.”