UK-based investment house Friends Ivory & Sime Private Equity (FISPE) has taken a 20% stake in British clothing retailers Bonmarche.
The move - led by the Birmingham office of FISPE - amounts to FISPE investing £7.3m in the business, a “substantial” portion of which comes from UK pension funds, according to director of new investments at Friends Ivory & Sime, Mark Advani.
The deal follows a decision by Bonmarche owners, brothers Gurchait and Gurnaik Chima, to sell the business to a new investment vehicle, Bonmarche Group, in exchange for shares and cash.
Alongside FISPE, the Chimas retain a 70% stake, and the remaining 10% is held by other company board members.
Once the deal is sealed, Advani joins the board as a non-executive director.
By Madhu Kalia
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