LONDON, Oct 13 (Reuters) – British clothing group Next (NXT.L) said on Friday it has agreed to buy the FatFace fashion chain for 115.2 million pounds ($140 million), adding another brand to a fast-growing portfolio.
FatFace trades online and from more than 180 stores in the UK and Ireland, as well as more than 25 in the United States and Canada.
Next will pay FatFace’s current owners, a consortium of financial institutions including Alcentra and Lloyds Banking Group (LLOY.L), a combination of cash and new Next shares.
The deal, expected to complete within the next few weeks, will see Next hold 97% of FatFace’s equity, with 3% held by management.
Next, which trades from about 460 stores and online, has been picking up stakes in or acquiring smaller retailers in recent years as it expands its “Total Platform” business.
This year it purchased the Cath Kidston brand and raised its stake in upmarket fashion chain Reiss to 72%.
Last year, Next bought fashion retailer Joules, furniture brand Made.com, and a minority stake in baby goods retailer JoJo Maman BéBé.
($1 = 0.8226 pounds)
Reporting by Eva Mathews in Bengaluru and James Davey in London; Editing by Shounak Dasgupta and Kylie MacLellan
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