Peter Millar from majority stakeholder Winona Capital Management. The terms of the deal, which is expected to close in October, were not disclosed.
The acquisition by Richemont will position Peter Millar for its next stage of development and growth.
are incredibly fortunate to have partnered with Winona Capital,”
commented Peter Millar CEO Scott Mahoney. “Together we have developed
and built the Peter Millar brand, expanded the product range, and grew
sales and distribution. 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.”
Winona Capital acquired a controlling stake in Peter Millar in April 2009.
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.”
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.
Millar was founded in 2001 by former Burberry rep Chris Knott, who
co-owns it with former Polo Ralph Lauren golf and tennis executive Scott
Mahoney. The brand initially focused on cashmere sweaters and expanded
in sportswear and golf apparel. It added tailored clothing in late 2007
and is now a full lifestyle brand. The Peter Millar appellation was
inspired by a gift from Chris Knott’s mother, a vintage lawn bowling
ball bearing the name.
Richemont was founded in 1988, spun off of
the South African Rembrandt Group Limited. Richemont owns the jewelry
brands Cartier and Van Cleef & Arpels; watch brands, including IWC,
Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron
Constantin; and the luxury businesses Montblanc, Alfred Dunhill, Chloé
and Lancel. Richemont acquired a controlling stake in the e-commerce
business Net-A-Porter in 2010.