London-based True Capital acquired Apparel Brands, the Manchester-based parent of Bench, Nicce and Hooch fashion apparel brands. Apparel Brands also licenses Smith & Jones, Ed Hardy, Farah, Seafolly, Money, and Caterpillar.
Terms were not disclosed. True Capital’s portfolio also includes The Cotswold Company home furnishings brand and bike brand Ribble Cycles.
U.S.-based Gordon Brothers sold Bench to Wraith, an affiliate of Apparel Brands, in April 2020. The deal excluded the right to Americas distribution. Gordon Brothers had acquired Bench in July 2018 after the company entered administration two months earlier.
Apparel Brands director Peter Wood said, “I am delighted to partner with True. Their deep understanding of brands and the consumer and retail market, coupled with their vast experience in nurturing and scaling successful businesses, will be invaluable as we embark on our next phase of growth.”
Paul Cocker, CEO and co-founder of True Capital, added: “We’ve been developing our relationship with ABL over the past couple of years and are excited to partner with Peter and the team, supporting their relentless focus on providing value to their customers.”
Ejike Onuchukwu, director at True Capital, who led the investment process, said: “There is a defensible model at ABL, and we see a compelling opportunity to rapidly scale its branded offering by adding complementary properties to its existing portfolio across different price points from value to premium.”
