LONDON, June 16 Danish fashion group Bestseller
has agreed to buy M and M Direct Ltd, the British online and
mail order retailer, from its private equity owners for up to
140 million pounds ($235 million), the firms said on Monday.
M and M, owned by global private equity firm TA Associates
since 2007, had been looking to list its shares on the London
Stock Exchange's Alternative Investment Market but has instead
opted for a disposal to Bestseller.
Bestseller is known for high street stores like Jack & Jones
and Vero Moda and is owned by Danish fashion store magnate
Anders Holch Povlsen.
M and M said the sale is contingent upon standard regulatory
clearance and is expected to be completed within eight weeks.
The firm sells discounted lifestyle, fashion and sports
apparel and footwear through local websites covering the UK,
German, French, Austrian, Dutch and Polish markets, and also
serves more than 20 additional countries worldwide.
Bestseller trades from over 3,000 chain stores
across 38 markets worldwide and its products are also sold in
about 12,000 multi-brand and department stores in 53 markets
Shareholders in M and M were advised on the deal by
Canaccord Genuity Limited and Macfarlanes LLP.
($1 = 0.5956 British Pounds)
(Reporting by James Davey; editing by Kate Holton)