Milbank LLP advised CVC Capital Partners on the privatization of Hong Kong-listed fashion conglomerate I.T Ltd. The $460M transaction was undertaken as a joint offer between Brooklyn Investment Limited, a company owned by funds advised by CVC Capital Partners, and the Founder Group and involved a restructure of I.T Ltd.’s business to create a standalone brand operation business for A Bathing Ape, AAPE by A Bathing Ape and associated brands from its other existing retail operations which will be sold to the Founder Group. The privatization was launched in December 2020 and completed on April 28, 2021.
I.T Ltd. is a leading fashion retail group with international designer brands, including Alexander McQueen, Gucci and Celine, among others. Based in Hong Kong and incorporated in Bermuda, I.T Ltd. has significant operations in China, Hong Kong, Japan and the US. The group was listed on the Hong Kong Stock Exchange on March 4, 2005.
The Hong Kong-based Milbank deal team was led by Global Corporate partner Andrew Whan.
Mr. Whan said, “We are proud to have advised CVC Capital Partners on this transaction, which is anticipated to allow I.T Ltd. to continue to transform its business operations and achieve long-term, sustained growth. We have seen tremendous transformation and disruption in the retail sector, particularly over the last year amid the pandemic, and we are pleased to play a role in transactions that allow clients to continue to drive forward their business objectives even amid challenging market conditions.”
