Electra to buy Hotter Shoes for 200 million pounds
(Reuters) - Private equity firm Electra Private Equity Plc (ELTA.L) will acquire footwear retailer Hotter Shoes in a deal valued at 200 million pounds, The Telegraph reported on Sunday.
The shoe company, which was founded in 1959 as Beaconsfield Footwear, had hired investment bank Rothschild early last year to explore strategic options for the business.
The private equity firm Gresham-backed retailer is British Electra's first acquisition of the year.
Electra spent a record amount of money on deals during 2013 and realized a record amount from its investments. It invested 337 million pounds in the 12 months to end-September, up from 150 million pounds in the previous year, and realized 459 million pounds.
Electra and Rothschild were not immediately available for comment.
(Reporting by Aashika Jain in Bangalore; Editing by Meredith Mazzilli)