FFP acquires Ireland's Arnotts

By

Cajsa Lykke Carlson

Published
Jun 1, 2015

Fitzwilliam Finance, which previously held a 50% stake in Irish department store Arnotts, has reached an agreement with funds managed by affiliates of Apollo Global Management, LLC, which owned the other half other the company.

FFP now has complete control of the Arnotts Group and stated: "We are pleased that we have reached agreement with Apollo concerning the purchase of their stake in Arnotts. We will continue with our plans to develop Arnotts as an iconic retail destination and look for opportunities to develop the adjacent property portfolio surrounding the store as market conditions continue to improve."

A spokesman for Apollo added, "We believe this is a positive outcome for all stakeholders in Arnotts, which should allow for a reduction in the Company's existing debt burden and further investment and growth in the business."

Ads

Apollo had teamed up with BlueGem, owner of London's Liberty, to try to acquire Arnotts, but BlueGem reportedly pulled out of the process.