Apax Partners has entered into an agreement to acquire a controlling interest in FULLBEAUTY Brands, a direct-to-consumer retailer of plus-size apparel, from Charlesbank Capital Partners and Webster Capital. Charlesbank will maintain an ownership interest in the company following the closing of the transaction which is expected in the fourth quarter.
FULLBEAUTY serves both men and women and its products include apparel, lingerie, swimwear, footwear and home decor with over 400,000 SKUs. The company’s products are sold under the following brand names: Woman Within (WomanWithin.com), Roaman’s (Roamans.com), Jessica London(JessicaLondon.com), swimsuitsforall (swimsuitsforall.com), KingSize (KingSizeDirect.com), BrylaneHome (BrylaneHome.com). Brands and products are marketed through FULLBEAUTY’s print and digital channels, including its online marketplace at www.fullbeauty.com. FULLBEAUTY Brands is headquartered in New York.
“We are very excited to partner with FULLBEAUTY’s talented management team, led by Paul Tarvin. Paul and the team have built FULLBEAUTY into a market leader serving the plus-size customer,” said Alex Pellegrini, a Partner on Apax’s consumer team. “Our experience with apparel, footwear and accessories companies, combined with our digital expertise, makes us a terrific fit to support FULLBEAUTY’s growth going forward. Charlesbank and Webster have done a tremendous job of supporting the company to date, and we look forward to our partnership.”
Charlesbank and Webster acquired FULLBEAUTY (then OneStopPlus) in February 2013 from PPR, a Paris-based luxury and sport & lifestyle group.
Apax invests in the technology & telecom; retail & consumer; healthcare; and financial & business services sectors. Apax’s experience in the apparel, footwear and accessories sectors include investments in Cole Haan, Tommy Hilfiger, rue21, New Look, Children’s Place and Tommy Bahama. Apax also experience in the digital space with investments in Dealer.com, Bankrate, Trader Corporation (autotrader.ca), Soufun, Trader Media Group (autotrader.co.uk) and King Digital Entertainment. Apax has eight offices located in London, New York, São Paulo, Munich, Tel Aviv, Mumbai, Hong Kong and Shanghai (www.apax.com).
“We believe FULLBEAUTY is well-positioned for continued growth in partnership with Apax, whose digital and branding skills will further elevate FULLBEAUTY’s leadership in the category,” said Andrew Janower, a Charlesbank Managing Director.
Debt financing for the transaction has been committed to by J.P. Morgan Securities, Jefferies Finance, Goldman Sachs Bank and Deutsche Bank Securities. Goldman Sachs (lead advisor) and Deutsche Bank served as financial advisors to Apax. J.P. Morgan Securities and Jefferies served as financial advisor to FULLBEAUTY, Charlesbank and Webster Capital in the transaction.
© 2015 PEPD • Private Equity’s Leading News Magazine • 8-18-15
