M&A Deal Summary

Permira Acquires Reformation

On July 10, 2019, private equity firm Permira acquired apparel/textiles company Reformation from Stripes

Acquisition Highlights
  • This is Permira’s 4th transaction in the Apparel/Textiles sector.
  • This is Permira’s 29th transaction in the United States.
  • This is Permira’s 9th transaction in California.

M&A Deal Summary
Date 2019-07-10
Target Reformation
Sector Apparel/Textiles
Buyer(s) Permira
Sellers(s) Stripes
Deal Type Secondary Buyout
Advisor(s) Goldman Sachs
Morgan Stanley (Financial)
Latham & Watkins
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Reformation

Los Angeles, California, United States
Reformation is a digitally-led women’s contemporary apparel brand. The company puts sustainability at the core of everything it does, from materials innovation to its sustainable partner factories around the world. Reformation was founded in 2009 and is based in Los Angeles, California.

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Buyer(S) 1

Buyer

Permira

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 75.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.

DEAL STATS #
Overall 128 of 161
Sector (Apparel/Textiles) 4 of 6
Type (Secondary Buyout) 32 of 43
State (California) 9 of 15
Country (United States) 29 of 44
Year (2019) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-31 Hana Group

Levallois-Perret, France

Hana Group is a global operator of in-store food kiosks in all retail formats and high traffic areas, offering ultra-fresh food on-the-go prepared by chefs in front of consumers, providing in-store entertainment and continuous product and concept innovation. Initially focused on sushi kiosks, Hana Group has developed other concepts, including pan-Asian food, as well as Italian and Mediterranean cuisines and operates under a portfolio of 14 brands. Hana Group was founded in 2012 and is based in Levallois-Perret, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-18 Quotient Sciences

Nottingham, United Kingdom

Quotient Sciences is a provider of outsourced, early-stage drug development services to the pharmaceutical industry. Quotient Sciences has brought innovation to the pharmaceutical services sector through its unique Translational Pharmaceutics® platform, which is proven to accelerate development timelines, reduce development costs, and drive improvement in R&D productivity. Quotient Sciences is based in Nottingham, England.

Buy -

Seller(S) 1

SELLER

Stripes

New York, New York, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2008
PE ASSETS 7.3B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Stripes is a private investment firm focused primarily on making minority investments in rapidly growing, private companies. Stripes look to commit $10 to $150 million of equity capital per transaction to support acquisitions, growth equity needs, and provide shareholder liquidity. Target companies generally have high margins and operate in large markets. Sectors of interest include branded consumer products, financial services, medical devices, and technology. Stripes is formed in 2008 and is based in New York City.

DEAL STATS #
Overall 14 of 19
Sector (Apparel/Textiles) 2 of 2
Type (Secondary Buyout) 2 of 2
State (California) 3 of 4
Country (United States) 14 of 19
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-14 Pleo

London, United Kingdom

Pleo is a corporate card and expense management provider for small-to-medium-sized businesses in Europe. Pleo enables its customers to permission corporate cards to all employees within the company, distributing purchasing power and autonomy across the enterprise while maintaining control via real-time spending visibility and robust functionality around spending limits and approvals. Pleo was founded in 2015 and is based in London, England.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-24 Sandata

Hicksville, New York, United States

Sandata is a provider of information technology solutions and services, which include scheduling, time and attendance, billing, payroll, compliance, and clinical applications, for the home healthcare industry. Sandata was founded in 1978 and is based in Hicksville, New York.

Sell -
Mergr

Product

Company

Legal