End Clothing has been acquired by private equity giant Apollo, three years after previous owner The Carlyle Group bought the business.
It comes as the luxury streetwear retailer’s lenders and shareholders have finalised an agreement to recapitalise the business, Drapers reported.
Apollo helped to finance The Carlyle Group’s purchase of a majority stake in the brand back in 2021, which valued the business at £750m.
End Clothing co-founders Christiaan Ashworth and John Parker, who both sat on the board of directors, have stepped back from the business since the transaction.
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End Clothing chief executive Parker Gundersen said that the investment from Apollo will help reduce the business’ debt, allowing it to “further strengthen [its] balance sheet and forward cash flow as we look to reach our next stage of evolution as a brand”.
“This transaction will allow us to reinvest in the team and execute our business plans.
“Our focus remains on curating the right products, deepening our connections in the community and enhancing operations, to remain a leading fashion destination.”
The fashion retailer’s EBITDA plummeted 68% to £13m in the year to 31 March 2023, in part due to the cost of implementing a new stock system. Sales edged up from £219m to £221.1m.
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