July, 2010
Global Leisure Partners LLP Advises on the Sale of Liberty plc

Global Leisure Partners LLP ("GLP") is delighted to announce that it has acted as financial advisor to Liberty plc ("Liberty") on its successfully completed sale to BlueGem Capital Partners (“BlueGem”), a private equity firm which invests in mid-market companies, mainly in the UK and Italy.

Liberty is the British heritage brand famous for its iconic department store on London’s Great Marlborough Street and its wholesale luxury fabrics business.  The total transaction enterprise value (including net debt and debt like items) was £69.0 million. 

In July 2009, following strong trading in the first half of the year, Liberty announced the appointment of advisors to undertake a strategic review of the business with the aim of identifying ways in which the business could be grown and developed, both within the UK and internationally. 

Global Leisure Partners initially provided advice on strategic alternatives available to the company and subsequently managed the sale process and the negotiations culminating in the sale to BlueGem.  The sale of Liberty represents the third successful advisory transaction for Global Leisure Partners since the start of 2010. 

We are also pleased to highlight that this deal has been listed among the “Top 10 UK ‘Going Private’ Deals” 2008-2010 by The Times (19 July 2010).

Mervyn Metcalf, a Managing Director at Global Leisure Partners who led the transaction, commented:

"We are delighted to have advised Liberty on its successful sale to BlueGem. Through a rigorous process we are very pleased to have met our client’s expectations both on price and in finding a buyer who will continue to nurture and grow this iconic British business.  We believe that under BlueGem ownership, Liberty can enter the next stage of growth and continue its recent ‘Renaissance’.  The transaction highlights Global Leisure Partners’ ability to leverage its network of industry contacts to create value for its clients."

About Liberty:

The iconic Tudor-style Liberty department store is situated in London’s exclusive Regent Street shopping district. It comprises approximately 70,000 square feet of retail space across six floors. Selling both third party and own-brand avant garde fashion, beauty, gifts, homeware and haberdashery, the store is well known for its eclectic range and design-led offering.

Liberty Art Fabrics is a London and Tokyo based designer and wholesale distributor of high quality printed fabrics to the worldwide fashion industry. Its design archive which dates from the late 1800s and contains more than 43,000 designs is integral to the Liberty brand

Liberty’s own-label luxury goods brand, Liberty of London, is showcased in the Liberty department store and sold through wholesale operations to fashion retailers worldwide.

In 2009 Liberty generated group revenues of £60m.

Liberty received corporate finance advice from Global Leisure Partners and Cavendish Corporate Finance.

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