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News Release from: mandmdirect.com
Edited by the Marketingservicestalk Editorial
Team on 19 November 2007
TA Associates snaps up mandmdirect
Mandmdirect.com, the UK's leading online discount fashion and sportswear retailer, has been acquired in a majority investment by TA Associates, a growth private equity and buyout firm.
The Leominster-based company was previously majority owned by its founders and ECI Partners Terms of the transaction were not disclosed
Joining mandmdirect.com as CEO is Steve Robinson, formerly CEO of Tesco Direct and previously Finance Director of Argos.
He takes over from incumbent CEO Mike Tomkins, who has led the company throughout the tenure of ECI's ownership.
Tomkins will remain involved in the business as a non-executive director, managing key brand relationships and leading various operational and strategic initiatives.
The core senior team at mandmdirect.com will remain with the business and positive changes to the company infrastructure will start taking place soon.
"This is an excellent step for mandmdirect.com," said Tomkins.
"We're delighted to join with a reputable private equity firm like TA Associates - their expertise in helping companies such as ours accelerate our growth will be invaluable to our future.
"With Steve Robinson coming on board, they are providing the very best talent, retail experience and business thinking to take the business to the next level.
"It also provides a long-term commitment to the company and the Leominster area".
Robinson himself is looking forward to joining mandmdirect.com, saying: "I am delighted to join a business with such a strong momentum - Mike and the team have developed a well-recognised brand known for delivering quality products at great value.
"The essential day-to-day running of the business will continue as normal, and I look forward to building on the achievements of Mike and the team through further investment in the company".
Mandmdirect.com's growth and desirability to private equity firms like TA Associates is reflected in internet shopping sales figures.
Research undertaken by IMRG estimates that online shopping in the UK will reach GBP42 billion by the close of 2007, up 39 per cent from GBP30.2 billion in 2006.
This is set to grow to GBP78 billion by 2010.
Chris Parkin, who led the transaction for TA Associates and who will also join the company's board, said: "With a compelling customer proposition, a unique distribution channel for suppliers and substantial exposure to the online retail market, mandmdirect.com is well-positioned to continue its strong growth".
This sentiment is echoed by Mike Tomkins, who stated: "We've consciously developed the mandmdirect.com brand throughout the last three years, clearly seeing the potential of the internet as a viable and profitable sales channel.
"We expect this to continue and are excited about the possibilities for the company in the future".
Leominster-based mandmdirect.com, which employs more than 470 staff, is the UK's leading online and catalogue fashionwear, sportswear and accessories retailer.
mandmdirect.com provides massive discounts on fashion brands including Levi's, Bench, Replay, Firetrap, Ted Baker, Dolce and Gabbana and many more.
It also has a large selection of leading sports brands such as Nike, adidas, Reebok, Puma, Berghaus, Nike ACG, Columbia and Merrell.
All products at mandmdirect.com are avalable at bargain prices, with some items reduced by up to 75 per cent.
The company celebrated its 20th birthday in February 2007.
Founded in 1968, TA Associates is one of the largest and most experienced private equity firms.
With offices in Boston, London and Menlo Park, the firm manages $10 billion in capital and has invested in more than 380 companies.
TA Associates provides management buyout, leveraged recapitalisation and growth equity capital primarily for technology, financial services, business services, healthcare and consumer businesses.
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