BTC activewear

Adviser to BTC activewear on its sale to New Wave Group AB.

The deal

FRP Corporate Finance advises BTC Activewear on sale to New Wave Group

The sale was led by FRP Corporate Finance Partner, Darren Miller, and supported by Director Richard Boyden and Manager Madhavi Morjaria.

BTC is one of the UK’s largest multi-brand distributors to the promotional apparel, corporate wear, workwear, team wear and school wear markets, supplying to both high-street and online retail markets. With around 50 leading international apparel brands in its portfolio, the Company generated revenue of £53 million 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.

Established in 1990, New Wave Group AB is a Sweden-based company that designs, acquires and develops brands and products for the corporate promotions, sports, gift and interior design sectors.

CEO and Co-Founder of BTC, Stephen Pope commented: “I am delighted to have a strong financial owner, that is known for its long-term commitment and vast industry knowledge. BTC will be able to grow and take further steps together with New Wave Group, where the mix between our understanding of and position in the UK market and New Wave Group’s experience and brands will be an unmatched combination.”

“With a more comprehensive and improved customer offer, we will be able to reach new customers and compete in new areas. Of course, this will be beneficial to the business and allows us to grow sales of our existing portfolio of brands.”

“Darren and his team at FRP showed great diligence and perseverance on this deal, herding several different interested parties toward a common goal and I very much appreciate Darren’s help and advice to me personally.”

Torsten Jansson, New Wave Group CEO and Founder, added: “Through this acquisition, we establish New Wave Group as one of the main players in the UK market, which of course feels great. In addition, we will add a very attractive and well-run company to our group, as well as invaluable industry knowledge that will benefit all New Wave Group companies.”

Darren Miller, FRP Corporate Finance Partner, said: “We are delighted to have had the opportunity to work with BTC, Falk&Ross and Borromin to bring this transaction to a successful completion. This transaction was complex, presenting many challenges and required a huge amount of commitment and expertise from both teams to deliver a positive outcome. We believe that BTC is extremely well placed to continue the strong growth it has achieved over the last 12 years under the ownership of Falk&Ross and we wish the Company and New Wave Group the very best for the future.”

Shareholders were also advised on the sale by David Ferris and Andrew Massey from Osborne Clarke, together with Martin Yells and Tim Strong from Taylor Wessing. Matt Lister and Darren Philips from BDO carried out Vendor Financial Due Diligence and EY provided tax advice. New Wave Group were advised by Geoff Perry and Indy Bening from Squire Patton Boggs.

Deal summary


September 2022



Deal type:

Selling a business

Deal size:

£33 million

We are delighted to have had the opportunity to work with BTC, Falk&Ross and Borromin to bring this transaction to a successful completion. Darren Miller Corporate Finance

Related team

Darren Miller

Darren Miller

  • Partner
  • Corporate Finance
  • Reading

Richard Boyden

Richard Boyden

  • Director
  • Corporate Finance
  • Reading

Madhavi Morjaria

Madhavi Morjaria

  • Senior Manager
  • Corporate Finance
  • Reading