Reiss to sell stake to Poundland’s Warburg Pincus
UK brand Reiss is expected to announce the sale of a minority stake in the business ‘as soon as this week’, according to British newspaper City AM.
The newspaper said that Poundland owner Warburg Pincus is likely to be announced as a minority shareholder in a deal that has valued the fashion retailer at around £250 million pounds.
Warburg Pincus is a private equity firm that has invested more than $55 billion in more than 750 companies around the world. Some of its most recent investments include RimRock Oile, a start-up oil and gas exploration and production company, and Network International, a payment solutions provider in the Middle East and Africa.
Reiss is a family-owned company founded in 1971 by David Reiss. Last year it entered the French market with an inaugural store in the Polygone Riviera in Cagnes-sur-Mer, adding to a portfolio of stores that already boasts of more than 130 stores in 12 countries worldwide.
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