Apparel, Compagnie Financiere Richemont, Winona Capital Management, Peter Millar
Compagnie Financière Richemont SA ("Richemont") and Winona Capital Management LLC ("Winona Capital") announced that an agreement has been reached whereby Richemont will acquire Peter Millar LLC ("Peter Millar"), a US-based, international luxury apparel business, in a private transaction.
The acquisition by Richemont will position Peter Millar for its next stage of development and growth. "We are incredibly fortunate to have partnered with Winona Capital. Together we have developed and built the Peter Millar brand, expanded the product range, and grew sales and distribution," said Scott Mahoney, Chief Executive Officer of Peter Millar. "Now partnering with Richemont represents a wonderful opportunity for Peter Millar to continue to build the brand globally under Richemont's stewardship. We look forward to working with Richemont and the association with their prestigious family of brands."
Luke Reese, Managing Director of Winona Capital, commented, "It has been Winona Capital's pleasure to work with Scott Mahoney, Chris Knott, and the rest of the Peter Millar team over the last few years to help build such a great company. We are thrilled for Peter Millar to be acquired by Richemont, the finest collection of luxury brands in the world."
The transaction is expected to close in October 2012 and will have no material impact on Richemont's consolidated net assets or operating result for the year ending March 31, 2013. Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary listing, and are included in the Swiss Market Index ("SMI") of leading stocks. Richemont South African Depository Receipts are listed in Johannesburg, Richemont's secondary listing.
Robert W. Baird & Co. acted as advisor to Peter Millar in connection with the transaction.