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Empresas y finanzas

TA Associates Completes Secondary Buyout of M and M Direct


    TA Associates, a leading growth private equity and buyout firm,
    today announced it has completed a majority investment in M and M
    Direct Ltd, the leading online and mail order retailer of discounted
    lifestyle, fashion and sports apparel and footwear in the UK. M and M
    was formerly majority owned by its founders and ECI Partners. Terms of
    the transaction were not disclosed.

    Based in Leominster, M and M specializes in purchasing end-of-line
    clearance stock from major brands and selling those products at
    substantial discounts. The company was founded in 1987 as M and M
    Sports, selling solely sports apparel. Following the management buyout
    backed by ECI in 2004, M and M expanded its product line to include
    fashion and lifestyle clothing. M and M now sells more than 230 brands
    of men´s, women´s and children´s apparel and footwear, including
    Adidas, Animal, Bench, Levis, Miss Sixty, Nike, Puma, Quiksilver,
    Reebok, Timberland and Vans.

    Steve Robinson, formerly CEO of Tesco Direct and previously
    Finance Director of Argos, will join M and M as CEO, taking over from
    Mike Tomkins who has led the company under ECI´s ownership. Mike will
    remain very actively involved with the company as a non-executive
    director, managing key brand relationships as well as leading various
    operational and strategic initiatives.

    "We are delighted to partner with a distinguished private equity
    firm like TA, and to welcome Steve Robinson to M and M," said Tomkins.
    "TA´s expertise in helping profitable companies accelerate growth, and
    Steve´s considerable online and catalogue retail sales experience, are
    a great combination for M and M, and I look forward to working with
    them both to take the business to the next level."

    Robinson commented, "I am delighted to join a business with such
    strong momentum. Mike and the team have developed a well recognized
    brand known for delivering quality products at a great value, and I
    look forward to building on these achievements."

    Internet research group IMRG estimates that online shopping in the
    UK will reach GBP 42 billion in sales in 2007, up 39% from GBP 30.2
    billion in 2006, and will grow to GBP 78 billion by 2010. Chris
    Parkin, who led the transaction for TA Associates and will join the
    company´s Board commented, "With a compelling customer proposition, a
    unique distribution channel for suppliers, and substantial exposure to
    the online retail market, M and M is well-positioned to continue its
    strong growth."

    "M and M fits very well with TA´s growing focus on online growth
    businesses with strong consumer brands," said Ajit Nedungadi, Managing
    Director of TA Associates, who will also join the company´s Board of
    Directors. "We look forward to working with Steve, Mike and the rest
    of the team to build further value in the company."

    David Ewing, ECI Partners Director commented, "Thoughtful
    repositioning and re-branding, coupled with the increasing acceptance
    of the Internet as a channel, has resulted in strong growth for M and
    M. We are very pleased to have contributed to the company´s growth,
    and wish Mike and the team continued success."

    TA Associates, which has more than 39 years of experience
    investing in profitable, growth companies, has been an active investor
    in the European markets with numerous investments, including Jupiter
    Asset Management, SmartStream Technologies, eDreams, GlobeOp Financial
    Services, IntercontinentalExchange, ION Trading Group, Sophos Plc and
    Tempur-Pedic International. The firm opened its London office in 2003
    and is continuing to expand its investment efforts in Europe.

    MacFarlanes provided legal counsel to TA Associates. Eversheds
    provided legal services to M and M.

    M and M Direct

    M and M Direct Limited is the UK´s leading purchaser of
    end-of-line clearance for fashion and sports products. As an online
    and mail order retailer, M and M offers sports and fashion apparel and
    footwear for men, women and children, at substantial discounts. The
    company´s website has over 100-plus brands, and receives 15 million
    visitors per year. M and M distributes 19 million catalogues a year,
    featuring great bargains. The company was founded in 1987 and is
    headquartered in Leominster. More information can be found at
    www.mandmdirect.com.

    TA Associates

    Founded in 1968, TA Associates is one of the largest and most
    experienced private equity firms. With offices in Boston, London and
    Menlo Park, the firm manages $10 billion in capital and has invested
    in more than 380 companies. TA Associates provides management buyout,
    leveraged recapitalization and growth equity capital primarily for
    technology, financial services, business services, healthcare and
    consumer businesses. More information about TA Associates can be found
    at www.ta.com.

    This document is approved for issue in the UK by TA Associates
    Ltd., which is regulated by the FSA.

    Safe harbor statement under the U.S. Private Securities Litigation
    Reform Act of 1995: Statements made in connection with this release
    which are not historical fact, such as forward-looking statements
    concerning future financial performance and growth, involve risk and
    uncertainties. Such statements are subject to various factors that
    could cause actual results to differ materially from those set forth
    in the forward-looking statements. Any forward-looking statements
    represent the best judgment of TA Associates as of the date of this
    release. TA Associates disclaims any intent or obligation to update
    any forward-looking statements.