Milbank LLP advised Advent International ("Advent") on the acquisition of a majority stake in the Australian luxury fashion brand ZIMMERMANN. Under the terms of the acquisition, Advent will acquire a majority shareholding in ZIMMERMANN from the Italian private equity company Style Capital, which, together with the Zimmermann family, will retain a significant minority shareholding.
Advent is one of the largest and most experienced global private equity investors. The firm has invested in over 410 private equity investments across 42 countries, and as of March 31, 2023, had $95 billion in assets under management. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology.
ZIMMERMANN was founded in Sydney in 1991 by sisters Nicole and Simone Zimmermann. ZIMMERMANN operates retail stores in Australia, the United States, the United Kingdom, Europe and China, as well as an online store at ZIMMERMANN.com. In addition, the brand is represented in prestigious department stores and independent luxury fashion retailers worldwide, both locally and online.
The Milbank team that comprehensively advised Advent was led by partners Norbert Rieger and Sebastian Heim (both Corporate) and included partners Rolf Füger, Matthias Schell (both Tax), Andrew Whan (Corporate, Hong Kong) and Alexander Rinne (Antitrust) as well as associates Alexandra Schäfer, Markus von Lutterotti, Julian Jaschinski, Marc Kanzler (all Corporate), Joyce Chin (Corporate, Hong Kong), Aoibheann Harkin (Corporate, London), Jean Mendoza (Capital Markets, New York), Nils Bremer, Marlies Zeck (both Antitrust) and Taylor Knowles (Executive Compensation and Employee Benefits, New York). Johnson Winter Slattery ("JWS”) advised on Australian law aspects of the transaction led by James Rozsa.
