M&A Deal Summary

NEXT Acquires Fat Face

On October 11, 2023, NEXT acquired retailer Fat Face from Alcentra Capital for 100M GBP

Acquisition Highlights
  • This is NEXT’s 1st transaction in the Retail sector.
  • This is NEXT’s largest (disclosed) transaction.
  • This is NEXT’s 4th transaction in the United Kingdom.

M&A Deal Summary

Date 2023-10-11
Target Fat Face
Sector Retail
Buyer(s) NEXT
Sellers(s) Alcentra Capital
Deal Type Add-on Acquisition
Deal Value 100M GBP

Target

Fat Face

Havant, United Kingdom
Fat Face retails premium men's, women's and children's clothing and accessories, created by its own in-house design team. Fat Face was founded in 1988 and is based in Havant, United Kingdom.

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Buyer(S) 1

Buyer

NEXT

Enderby, United Kingdom

Category Company
Founded 1864
Sector Apparel/Textiles
Employees32,931
Revenue 6.1B GBP (2025)
DESCRIPTION

NEXT is a retailer offering exciting, beautifully designed, excellent quality fashion and accessories for men, women, and children, together with a full range of homewares. NEXT clothes are styled by its in-house design team to offer great style, quality, and value for money with a contemporary fashion edge. NEXT was founded in 1864 and is based in Enderby, England.


DEAL STATS #
Overall 4 of 4
Sector: Retail M&A 1 of 1
Type: Add-on Acquisition M&A Deals 2 of 2
Country: United Kingdom M&A 4 of 4
Year: 2023 M&A 2 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-01 Reiss

Leicester, United Kingdom

Reiss is a global luxury apparel brand, producing and selling high-quality, classic and contemporary men’s and women’s clothing and accessories. The company currently operates from over 160 locations in 15 countries through a network of owned stores, concession partners, and franchised operations, whilst also growing strongly through its own and partner online platforms. Reiss was founded in 1971 and is based in Leicester, United Kingdom.

Buy £128M

Seller(S) 1

SELLER

Alcentra Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1998
PE ASSETS 540M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Alcentra Capital Corporation is the direct investment arm of asset management firm Alcentra. Alcentra capital looks to provide equity and subordinated debt to middle-market companies throughout North America. The Firm looks to invest $5 to $15 million per transaction in profitable companies with $5 to $15 million of EBITDA. Sectors of interest include healthcare, government services, business services, and defense. Alcentra Capital Corporation was formerly known as BNY Mellon-Alcentra Mezzanine Partners. The Group was originally established in 1998 and is based in New York City.


DEAL STATS #
Overall 40 of 40
Sector: Retail M&A 1 of 1
Type: Add-on Acquisition M&A Deals 19 of 19
Country: United Kingdom M&A 1 of 1
Year: 2023 M&A 1 of 1
Size (of disclosed) 9 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-09 Battery Solutions

Howell, Michigan, United States

Battery Solutions is a provider of battery recycling services to corporations, governments, municipalities, and households. Battery Solutions was founded in 1971 and is based in Howell, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-09 Entoria

Levallois-Perret, France

Entoria is an insurance wholesale broker specializing in complementary health and death & disability insurance for self-employed individuals and SMEs. Entoria offers a full range of products and services to secure their incomes, preserve their estates, protect their health and provide protection against accidents and loss of life. Entoria was founded in 2000 and is based in Levallois-Perret, France.

Buy -