Background

Established in 1990, BTC activewear is one of the largest UK based multi-brand distributors of promotional, corporate, school and work wear. With over 50 leading international apparel brands in its portfolio, the company generated revenue of £53m in 2021 and EBIT of £4.1 million. BTC was majority owned by Falk&Ross Group Equity GmbH, Europe’s leading logistics wholesaler of branded apparel, itself a portfolio company of Borromin Capital Management GmbH, the independent partner
owned private equity advisory firm based in Frankfurt. BTC is led by a highly experienced and ambitious team with their best in-class customer service, excellent stock availability and short lead times.

Action

FRP Corporate Finance were engaged to manage the sale of the business and generate interest from potential buyers. The company gained attention from a number of interested parties, and the team were successful in securing several offers, prior to entering into exclusivity with New Wave Group. The deal presented many challenges and required a huge amount of commitment, diligence and expertise from both sell-side and buy-side teams to deliver a positive outcome.

Outcome

The successful transaction will enable BTC to grow its position in the UK market, benefitting from a more comprehensive and improved customer offer and New Waves Group’s invaluable experience, portfolio of brands and financial strength. The sale represented an excellent financial outcome for Falk&Ross and Borromin.