Release Date: 9th May 2006
Amicus Capital Acquires Controlling Stake in Glenaden Shirts
Belfast, 9th May 2006 – Today private equity group Amicus Capital Partners acquired a controlling interest in Northern Ireland based Glenaden Shirts Limited, the UK’s only remaining volume shirt manufacturer. Terms were not disclosed.
Glenaden designs and manufactures high end men’s shirts for a number of premium UK and North American retailers. In addition, the past few years has seen big growth in their own premium brands “Thread & Bone” and “1…like no other”.
Commenting, Dr Terry McCartney OBE, the Amicus Capital director who led the investment, said “we are delighted to add Glenden to the Amicus Capital portfolio. It is an industry we know well, and a business we have long admired. It is well managed, well positioned, and we see great value in both its relationship with Jermyn Street retailers and its own growing brands.”
Dr McCartney is well versed in both the region and fashion textiles, having been awarded an honorary degree from the University of Ulster in recognition of his services to the Northern Ireland economy, and an OBE for 25 years service to the textiles industry.
Andrew Lowden, Managing Director of Glenaden said “Amicus Capital gives us not only the financial clout to expand our business in North America and Far East Asia, but also provides a wealth of experience in fashion, textiles, and corporate finance. Our whole team is highly enthusiastic about their investment in our business, and we look forward to working with them closely going forward.”
The transaction was also welcomed in government circles. Kevin Helferty, Regional Manager of Northern Ireland’s economic development agency Invest NI, said “Glenaden is an important North West employer in a traditional manufacturing sector supported by Invest NI, and it is encouraging to see a quality private equity group such as Amicus Capital investing in the company’s future.”
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Editor’s Notes –
- Amicus Capital Partners Ltd is a private equity network specialising in middle market buy-outs and MBOs, and has previous interests in fashion and textiles. More information is available at www.amicus-capital.com.
- Glenaden Shirts Ltd was created in 2000 when it was bought out by its current management from Coats Viyella. It is the only volume shirt manufacturer remaining the UK today, and focuses on the premium quality end of the market. It employs 120, and has factories in Northern Ireland and Morocco. More information is available at www.glenaden.com
For Press Enquiries and Further Information
Please contact
Terry McCartney at Amicus Capital Partners on 07785 292 565
or
Andrew Lowden at Glenaden Shirts Ltd on 02871 344 353
