Synova picks up handbag

UK private equity firm Synova Capital has acquired NICA, the UK handbag brand, in a bid to make its portfolio company TLG Brands the largest branded handbag and accessories business in the UK, for an undisclosed sum.

Synova acquired TLG Brands in 2008 which included handbag and accessory brands Fiorelli and Modalu. The private equity firm invests in UK lower mid-market growth companies with a focus on companies valued between £10-50m.

CEO of TLG, Stuart Lunan said: “We have tracked the growth of the NICA brand and believed it would be complimentary to our business. Our partnership with Synova Capital has given us the necessary financial resources and support to conclude such an acquisition.”

The managing director of NICA, Mike Hiscock will join the board of TLG.