British footwear retailer Office has been sold to South African chain Truworths International for £256m.
Private equity firm Silverfleet Capital, owner of the chain since 2010, said that the sale follows a five-year period of “significant growth” in Germany and the UK. In this time Office expanded its retail empire in the UK and Ireland from 75 to 115 stores as well as opening six new sites in Germany.
The retailer’s concessions also increased to 47 locations, including department stores Selfridges and House of Fraser, as well as in Topshop and Topman.
The sale, however, has been agreed for a slightly lower figure than its recent valuation of £300m
"Office is a highly attractive business with strong prospects which, under Truworths’ ownership, will be further enhanced. Its rapidly expanding e-commerce business will be a platform for category and range extension," said Truworths.
“Office has been one of the great success stories in shoe retailing and has experienced tremendous growth in a competitive space. It is a fantastic business with an excellent management team whom we have worked with very closely over the past five years” said Gareth Whiley, Partner at Silverfleet Capital.
“We are delighted with our successful investment in the company, achieving a 3.4 times return, and wish the team every success in the future.”
“Together with Silverfleet, we have grown the business into the success it is today” added Office Chief Executive Brian McCluskey.
“We are excited to have found a long-term strategic retail partner in Truworths International. We look to further invest in the business and continue our success.”
The finalisation of the acquisition, which will take place in early December, is subject to approval of the South African Reserve Bank.