Amery Capital exits Long Tall Sally (LTS) to TriStyle Mode GmbH (TriStyle), backed by Equistone Partners Europe (Equistone), one of Europe’s leading mid-market private equity investors.
TriStyle, the German direct fashion retailer operating brands Peter Hahn and Madeleine across Europe has acquired the Amery Capital backed tall women’s specialist, Long Tall Sally, in a deal
valued at c. £30 million.
TriStyle was acquired by Equistone last year and the business has been actively looking for other synergistic opportunities that can benefit from TriStyle’s strong operating, sourcing and financial stability, strength and momentum.
Long Tall Sally will continue to be operated independently from its east London offices with the existing management team led by Andrew Shapin.
Andrew Shapin, CEO, Long Tall Sally commented: “The tall women of the world have a strong desire to purchase well made, up to date fashion and we are proud and passionate about
working to provide them real choice. Our team, with the backing of Amery Capital, has transformed LTS from a £10 million UK retailer to an international, fast growing, profitable, digitally
led £50 million (€60m, $68m) sales p.a. omni-channel business, with c.70 per cent of sales online. We are very excited about the opportunity to continue to accelerate our growth around the world with the backing of one of Europe’s leading directly to consumer fashion businesses.”
Maurice Helfgott, Chairman of Amery Capital and Long Tall Sally said “We are delighted that Michael and Maurice Bennett will deservedly enjoy yet another successful return on the
inspiration, wisdom, and laughs they have invested in Long Tall Sally over the past 10 years. They join me in wholeheartedly thanking Andrew Shapin and our experienced teams and suppliers across the world for making Long Tall Sally such a success.
I am very pleased to remain with the business as Chairman, and to reinvest with Andrew in TriStyle alongside such accomplished professional investors Equistone Partners Europe.”
Michael Bork Partner of Equistone and Head of the Advisory Board of TriStyle said “I think Long Tall Sally and Andrew and Maurice and the team are wonderful and am excited and confident about their future together with TriStyle. We are grateful about the opportunity to work together in the future for the sake of our customers. As promised we will add interesting businesses to the TriStyle Group to grow the business organically and by external acquisitions. But it’s not all just about growth, the creativity, professionalism, understanding of customers, markets and product of both teams is outstanding and will result in a success story.”
Niels Degen, member of the TriStyle management team said: “At TriStyle we are delighted to welcome Long Tall Sally to our group. Together with Long Tall Sally and its fabulous management team we will continue to strengthen our position as a leading women’s omni-channel fashion retailer. We will work together closely for continuous growth of the TriStyle companies Long Tall Sally, Peter Hahn and Madeleine.”
Long Tall Sally is an omni-channel retailer of fashion for taller women. The Company was founded in 1975 by six-foot-tall American entrepreneur, Judy Rich, who opened the first store on Chiltern Street in the west end of London in 1976. The Company’s mission is to be “the first choice in fashion for tall women worldwide”.
LTS an online led omni-channel retailer generating c.70pc of its revenues from its eCommerce websites, supported by a catalogue distributed in its four main markets of US, UK, CA and DE as well as shipping to over 120 countries. The business also has 10 stores in the UK, 7 in Canada, 4 in the US and 5 in Germany. The Company achieved LTM to July 2016 sales of c.£50
million and an underlying profit of £3.8 million (Euro 4.4m USD 5.0 million). All clothing is designed in-house, carefully proportioned to flatter taller women. The company has 388 employees globally, 212 working in the UK, 129 in North America and 47 in Germany.
Amery Capital Limited purchased long Tall Sally through a CVA in 2005 and has funded the organic growth and acquisitions, which have together transformed the business, including Tall Girls CA, Barefoot Tess USA, Long Fashion DE and Long Elegant Legs USA, all of which have been subsumed into a global single view of customers and inventory.
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