Clearwater in stitches after advising on knitwear firm’s PE acquisition

A BIRMINGHAM-based team at Clearwater International has advised the founders of online and mail order knitwear retailer Wool Overs on the sale of the business to private equity firm Langholm Capital.

Mark and Clare Shenton founded the West Sussex company in 1989 and developed it from a business selling cable-knit sweaters at country shows, to an international online retailer selling over 150 different styles of jumpers, sweaters and cardigans. The terms of the deal have not been disclosed.

The business has been recognised as a ‘Fast Track 100 Ones to Watch’ – with turnover increasing by 25% in each of the last two years.  One third of the company’s sales are now generated oversees, with their online channel being a key route to market.

Langholm Capital specialises in partnering with high-growth consumer facing businesses such as Dorset Cereals and Tyrrells Crisps and the firm has long been interested in the branded online retail space.  This transaction represents the fourth investment from Langholm Capital’s second fund, which is now over 70% invested.  

The Clearwater team was led by partner Gareth Iley, supported by associate directors Helen Lowe and Natasha Price and associate James Clifford. This is the fifth deal Clearwater International has completed in the Consumer sector since January this year.

Mark Shenton, Founder, Wool Overs, said: “This is a very exciting opportunity for Wool Overs and a new chapter in its history.  Langholm Capital has a track record of building brands and growing businesses and I look forward to a fruitful partnership and realising the Wool Overs’ full potential.”

Gareth Iley, Head of Consumer, Clearwater International, added: “We are delighted to have advised Mark and Clare on the sale of Wool Overs to Langholm Capital.  Mark and Clare have created a niche by building a leading ecommerce business selling high quality knitwear at compelling prices.  We are confident that Langholm Capital, Mark and the management team will continue to make Wool Overs a huge success.”

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