Zeus has advised Brigadier Acquisition Company on its take private of Moss Bros Group Plc in a £22.6m transaction.
The ultimate shareholders of Brigadier have extensive experience in the apparel industry with businesses in several global markets and hope to use their experience and contacts to improve the performance of Moss Bros as a privately-owned company.
Moss Bros is a heritage British formal wear retailer established in 1851. The firm has provided quality tailoring to generations of men, with in excess of 120 stores across the UK.
The transaction was complicated by the introduction of a nationwide UK lockdown and closure of retail stores due to COVID-19 approximately two weeks after announcement of the recommended acquisition.
Zeus advised Brigadier on navigating the process of attempting to lapse the offer. Whilst Brigadier ultimately chose not to pursue this process beyond a first stage takeover panel ruling, the Zeus team demonstrated its ability to advise clients on the most complex issues in takeover code transactions in what was a landmark deal of its type.
The Zeus team was led by Richard Hughes and Jamie Peel, and also included Dan Bate, Kieran Russell and James Edis.
This deal is the fifth that Zeus has completed since the UK lockdown commenced, and also represents the fourth completed takeover code transaction that Zeus has advised on in the last 12 months.