(Reuters) - British private equity firm Apax Partners is to buy a majority stake in luxury fashion retailer Matchesfashion.com for an undisclosed sum.
Matchesfashion.com founders Tom and Ruth Chapman, and existing venture capital backers Scottish Equity Partners (SEP) and Highland Europe, will a retain minority stake in the business, Apax said in a statement.
“We are delighted that Apax Partners have taken a majority stake in the business”, the retailer’s founders said, adding that the current CEO Ulric Jerome and CFO Fiona Greiner would continue to lead Matchesfashion.com.
Last week, Sky News reported that Apax Partners was close to buying Matchesfashion.com for about 800 million pounds ($1.04 billion). bit.ly/2wtu3pv
Qatalyst Partners is advising Matchesfashion.com on the deal.
Reporting by Sangameswaran S in Bengaluru. Editing by Jane Merriman