Travers Smith LLP has advised long standing client Silverfleet Capital and all other selling shareholders on the sale of footwear retailer Office Retail Group ("Office") to Truworths International ("Truworths") for approximately £256 million.
The transaction is due to close in December 2015 and is subject to approval by the South African Reserve Bank.
Travers Smith advised Silverfleet Capital when they acquired Office in December 2010. Office has grown significantly during the period of their investment, expanding in both the UK and Germany and creating over 1,200 new jobs. Silverfleet Captial's investment in Office has been very successful and will achieve a return of 3.4x.
Truworths International is a leading South African retailer listed on the Johannesburg Stock Exchange.
Kieran Toal of Shoosmiths advised Truworths International and Colin MacNeill and Andrew Nuthall of Dickson Minto acted for management of Office on their re-investment in the buyer.