Acquisition of White Stuff by TFG
Argyll Partners acted as lead financial advisor to TFG Brands (London) Limited “TFG London” on its successful acquisition of White Stuff.
Argyll provided valuable sector and market knowledge during the bid submission process, analysing and reviewing the business to understand true profitability and valuation. Argyll helped ensure exclusivity was secured at an attractive valuation. Working closely with TFG London’s legal and diligence advisers Argyll gained a comprehensive understanding of the process, ensured key deal issues were navigated, and helped ensure the transaction was completed successfully under a tight deadline.
The acquisition was funded from TFG London’s debt facility which was refinanced with advice from Argyll’s Debt Advisory team earlier in the year.
TFG London is already the owner of Hobbs, Whistles and Phase Eight fashion brands. White Stuff represents the fourth brand to be acquired as part of a medium-term strategy to add new brands to the Group.
White Stuff, founded in 1985, is a British multichannel fashion and lifestyle brand specialising in thoughtfully designed clothing and accessories for women, men and children. The brand has 113 stores and 46 concessions in the UK and operates 6 stores and 25 concessions across Europe. The brand also sells internationally via its website and wholesale stockists. In the year to 30 April 2024, White Stuff reported revenue of £154.8m and EBITDA of £8.6m.
TFG London CEO Justin Hampshire commented:
“Our experience of working with the Argyll team was extremely positive - they ensured we successfully navigated a compressed bidding process and timetable. Argyll’s advice and support at each stage of the process was invaluable.”