Buyout firm Apax Partners announced Friday plans to acquire a majority stake in global luxury fashion destination Matchesfashion.com.
Founders Ruth and Tom Chapman, who launched the company 30 years ago, will retain minority stakes in the business along with existing venture capital investors Scottish Equity Partners and Highland Europe.
Terms of the transaction were not revealed but the deal is expected to close in the fourth quarter. The Financial Times cited unnamed sources as saying the deal values the company at about $1 billion. That sum matches reported bids by other suitors, including Bain Capital and Permira.
Read more at Sourcing Journal.