Turnaround investor Better Capital has gone back to its portfolio for its latest deal and provided additional assistance to Jaeger.
Having acquired fashion brand Jaeger in April 2012 for 19.5 million, Better Capital has now committed £56 million to the business through its fund.
The firm, set up by former Alchemy managing partner Jon Moulton, bought into the business when it was posting sales of £94 million and profits of £ 1million.
According to a statement from Better Capital, the new funds will be used to finance routine store refurbishments as well as IT and website improvements. Jaeger has now banked £16 million during the current financial year ending 28 February 2015.
Year-to-date sales to 13 September are reported to be up 6 per cent for the chain, an improvement on the previous year when the figure climbed by 7 per cent. Margins, the statement says, remained ‘broadly flat’ over the same period.
The Better Capital BECAP12 Fund has net proceeds of £348 million, after a second closing in August 2013, and has an investment period up until 30 June 2016. Its most recent new investment saw it acquire office products and services supplier OfficeTeam for £90 million.
More on Better Capital:
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- Better Capital launches joint venture