UK clothing retailer USC has been sold to private equity group West Coast Capital in a secondary buyout transaction. Bridgepoint originally backed the company with two financing rounds in September 1997 and October 1999. Financial details have not been disclosed, but Bridgepoint is said to have made over three times its money on the investment.
Ruth McIntosh, Bridgepoint director, said: “USC has performed very well and been a profitable investment for our investors, achieving a very healthy return.”
The deal also provides an exit for the founders of USC Angus Morrison and David Douglas. USC was formed in 1989 and has since grown to encompass 40 stores across the UK turning over £96.4m in the year to January 2004.
Bank of Scotland provided the debt for the transaction.