Jacques Vert tickled pink by private equity bid

Women's fashion retailer Jacques Vert shot up to a 52-week high after agreeing to a bid from an affiliate of US private investment firm, Sun Capital.

The retailer, which saw its shares dive at the end of November after a profit warning, looks set to go private after its directors agreed to a 21p a share cash offer from Miverva Bidco, a company set up specifically to buy Jacque Vert.

The terms, which have the backing of the Jacques Vert board, value the company at around £41.2m.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

Irrevocable undertakings to accept the offer have been received from the Jacques Vert directors in respect of shares representing around 1.2% of Jacques Vert's issued ordinary share capital.

Minerva Bidco is a wholly owned subsidiary of Minerva Holdco, which is an affiliate of Sun Capital, the US geared buy-out specialist focused on the retail and clothing sector.

Sun Capital says its industry expertise stems from owning a portfolio of retail and apparel companies, including a total of 19 companies operating in the sector with aggregate revenues of over U.S. $11.5bn per annum.

The shares rose 8.25p to 20.75p on the bid announcement.

--

jh