Alantra advises on the sale of T.M. Lewin to SCP Private Equity

May 2020

Sell-side advisory

Alantra has advised Bain Capital Credit on the sale of T.M. Lewin, the Jermyn St-based British menswear brand established in 1898, to Torque Brands, a special purpose acquisition vehicle setup by London-based consumer specialist, SCP Private Equity.

T.M. Lewin, a brand built on craftsmanship, attention to detail and value for money, operates a global business, with sales of over £120m in FY20. The company’s online sales have grown quickly, totalling more than 30% of the group’s revenues last year, with the brand over indexing in terms of sales in the 25- to 34-year-old demographic, positioning it well to capitalise on the growth in smart casual workwear.

SCP Private Equity has acquired T.M. Lewin through its acquisition vehicle Torque Brands, which is focused on acquiring complementary British brands into one centralised shared services platform. Its leadership team includes ex-ASDA CEO Allan Leighton and former managing director of Harrods, Paul Taylor and the team’s significant consumer expertise will help support the next stage of T.M. Lewin’s growth plans.

Matthew Wiseman, partner at Alantra who led the deal alongside managing partner Andy Currie and director Bobby Fletcher, commented, “It has been a pleasure to work with Bain Capital Credit and the Management team of such a well-established and recognised brand as T.M. Lewin. The brand’s sophisticated online offering and strong engagement with consumers means it is in a good position to navigate the current market conditions and flourish going forward. Torque Brands is an exciting new platform led by experienced sector operators who are well placed to guide T.M. Lewin’s future. We are delighted to have delivered a successful exit for all stakeholders in T.M. Lewin.”

Brad Palmer, a Managing Director at Bain Capital Credit, said: “We have supported T.M. Lewin since 2015 and, together with the team, have continued to build this venerable British brand. Notwithstanding the challenges facing the retail sector, most recently from COVID-19, under our ownership the business now has a true multi-channel business in the UK across stores and online, a large and loyal customer base and an even stronger brand proposition.”

James Cox, Managing Partner of SCP said: “We wholeheartedly believe that specialist vertical-specific British brands, such as T.M. Lewin, will continue to hold a premier position in the eyes of the global consumer, and look forward to the challenge of helping the company adapt to the rapidly changing retail landscape.”