£41.2million Recommended Cash Offer for Jacques Vert plc
19 Dec 2011
Recommended Cash Offer
Zeus Capital, the Manchester based Corporate Finance advisory firm, has advised Minerva Bidco Limited an affiliate of Sun Capital Partners Inc. on the £41.2million recommended Cash Offer for Jacques Vert plc, the womenswear clothing retailer. Under the terms of the offer, shareholders received an offer price of 21.0p in cash per Jacques Vert share, a 68.0% premium to the closing price on December 15, 2011.
Following the announcement of the Offer, Minerva Bidco has today acquired or agreed to acquire (by market purchases) 101,545,767 Jacques Vert Shares at a price of 21 pence per Jacques Vert Share, representing approximately 52.8 per cent. of the issued share capital of Jacques Vert and approximately 51.8 per cent. Of Jacques Vert’s fully diluted share capital.
Accordingly, as a result of the market purchases referred to above, Minerva Bidco is required to make a mandatory cash offer for the entire issued and to be issued ordinary share capital of Jacques Vert not already acquired by it, pursuant to Rule 9 of the City Code.
Richard Hughes from Zeus Capital commented:
“We are delighted to have advised Sun Capital Partners Inc. on the £41.2million cash offer for Jacques Vert. The transaction highlights the ability of Zeus Capital to integrate their public company and private equity service offering.”
The Zeus deal team comprised of Richard Hughes, Tremayne Ducker, Nick Cowles, Andrew Jones and Paul Horrocks.
Headquartered in London, UK, Jacques Vert began trading in 1972 and is today a multi-branded fashion-retailing group. The four brands under the Jacques Vert umbrella – Planet, Precis, Windsmoor and Jacques Vert – are now retailed in approximately 900 outlets, mostly as concessions within leading department stores, but also as a number of stand-alone stores. Whilst the majority of the Company’s brands are located within the UK, the brands are also sold in over thirty stores in Canada and in an expanding number of stores in the Republic of Ireland. Each brand operates its own successful online web store bringing the product directly into the homes of thousands of customers. Jacques Vert operates in a niche market predominantly focused on the more mature and discerning female.
Sun Capital Partners Inc. is a leading U.S. based private investment firm focused on leveraged buyouts, equity, debt and other investments in market-leading companies that can benefit from its in house operating professionals and experience. Sun Capital Partners Inc. has particular strength in, and knowledge of, the retail sector. Sun Capital’s industry expertise stems from owning a portfolio of retail and apparel companies, including a total of 19 companies operating in the sector with aggregate revenues of over U.S. $11.5 billion per annum.