LONDON: Falcon 24 Topco Limited, a newly formed company owned and controlled by Joshua Alliance, reached agreement to acquire the entire issued and to be issued share capital of N Brown, other than the N Brown shares already owned or controlled by Joshua Alliance.
Joshua Alliance owns 30,943,800 N Brown shares, representing approximately 6.6% of share capital. In addition, the other members of the Alliance Family Concert Party were, in aggregate, interested in a further 249,915,491 N Brown Shares, representing approximately 53.4% of N Brown’s issued share capital.
Under the terms of the acquisition, each N Brown shareholder will be entitled to receive 40p in cash for each share.
The cash offer values the entire issued and to be issued share capital of N Brown at approximately £191 million on a fully diluted basis.
Joshua Alliance said: “My family have been supporters of N Brown for over half a century, providing capital and having been involved in the strategic leadership of the business. I am delighted to continue that history.
This transaction will support N Brown in accelerating its long-term growth potential and provide, where needed, access to additional capital, expertise and resource to accelerate the longer-term potential of the business.
In the business’ current cycle of evolution, we will be able to achieve this growth potential more successfully away from the public markets. I am excited about the opportunities created by this portfolio of well-established fashion brands, supported by an innovative financial services platform and its talented executive team and employees.”
Steve Johnson, Interim Executive Chair and CEO of N Brown said: “N Brown continues to consistently serve its loyal and otherwise underserved customers, with exciting long-term prospects for the business.
We continue to deliver on our strategy for growth, enabled by a sustainable and efficient operating model, and supporting our people and talent.
Today’s announcement from Bidco will enable us to accelerate that strategy for the benefit of all our stakeholders. The N Brown Independent Directors are therefore unanimously intending to recommend it to our shareholders.”