It is the first acquisition by Opengate’s new investment vehicle, One Worldwide, which has been set-up to explore buying opportunities in the fashion sector.
Founder and managing partner of Opengate, Andrew Nikou, said: “This is our first major step into a new and vital industry. Models 1 presents all the attractive fundamentals any investor admires; rich brand equity, a seasoned management team, a profitable business, fabulous models, and a superstar set of clients and customers which has grown Models 1 into Europe’s number one agency. One Worldwide plans to become a global holding company and has an aggressive expansion policy based on synergistic acquisitions to build the group.”
Model 1 was founded in 1968, and has Agyness Deyn, Linda Evangelista, Yasmin le Bon, Karolina Kurkova and Twiggy on its books.
The business was part of a portfolio of businesses Nova acquired in 2004 called Third Private Equity Fund. It is the sixth exist Nova has made from the fund.
Patrick Austen, operating partner at Nova, said: “We are delighted to have worked with Models 1. The business has a strong management team who have taken the business from strength to strength. We wish them every success for the future.”