LONDON 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 storesacross 38 markets worldwide and its products are also sold in about 12,000 multi-brand and department stores in 53 markets worldwide.
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)