Clearwater steers £40m Jones Bootmaker sale
THE DUTCH acquisition of British shoe retailer Jones Bootmaker was advised by Birmingham-based Clearwater Corporate Finance.
The Clearwater team, led by Phil Burns, advised Maastricht-based Macintosh Retail Group NV on its acquisition of UK shoe retailer, Jones Bootmaker. The deal is believed to value the 154-year-old company at around £40m.
In 2008, Macintosh acquired shoe retailer, Brantano, which has more than 150 stores in the UK, as part of the Belgian stock listed company, Brantano NV. The acquisition of Jones Bootmaker will add 93 stores to its UK footprint and consumer sales of circa £95 million.
The Clearwater team also included Gareth Iley and Richard Shaw. Richard Cox, corporate partner at Browne Jacobson in Nottingham, provided legal advice to Macintosh.
Mr Iley said said: “The retail industry has faced significant challenges over recent months, but this transaction shows that quality businesses in the sector can prove to be attractive acquisition targets. Further consolidation in the retail industry is likely to follow in 2011, particularly as overseas buyers look to secure a foothold in the UK.
“Brantano is an established and respected brand and the acquisition of Jones Bootmaker demonstrates Macintosh’s ambition to increase its coverage of the UK shoe retail market by owning complementary brands.”
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Frank De Moor, CEO of Macintosh, said: “We are delighted that we have been able to further flesh out our strategy through this acquisition. It also makes the UK, in addition to the Netherlands and Belgium / Luxembourg, the third country in which Macintosh Retail Group wishes and is able to grow in the fashion sector. This acquisition brings us more possibilities towards suppliers and will make Jones Bootmaker’s brand expertise available to our other shoe formats. I am certain that this will even further increase the dynamics and opportunities for growth of our fashion activities.”
Peter Phillips, chairman of Jones Bootmaker, said: “The board of directors is delighted to have been acquired by a business with an established track record in the footwear sector. We are quite clear that both companies share a mutual vision of a combined group dedicated to the sale of quality footwear and the experience of superb customer service which has always been associated with this heritage brand. We consider that this acquisition will be hugely beneficial to our customers, staff and suppliers.”
