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Sailing Capital-led group wins auction for Brookstone with USD135.7m bid.

MANews-(C)2009-2014

4 June 2014 - US bankrupt lifestyle retailer Brookstone Inc said that a consortium led by Chinese private equity firm Sailing Capital Overseas Investment Fund LP had won the auction for the firm with an offer of USD135.7m (EUR99.7m), net of cash and assumed liabilities.

The winning consortium is named Sailing Innovation (US) Inc, Brookstone said.

Brookstone CEO Jim Speltz commented that his company would make use of the resources of Sailing's global partners, including Chinese conglomerate Sanpower Group for its next phase of development. According to him, his firm will emerge from bankruptcy as a "healthy" company with a "bright" future.

James Liu, CEO of Sailing Capital Advisors (Hong Kong) Limited, which advises Sailing Capital's manager, noted that the buyer would strengthen Brookstone's operations by improving its research and development capabilities, introducing new products and renovating its stores. Liu added that Sanpower Group would help Brookstone build a presence in the UK and penetrate the Chinese market.

The transaction, which is subject to bankruptcy court approval, is scheduled for completion by the start of July. As part of Sailing, Brookstone will operate as a stand-along business under its own brand, it said.

Brookstone's advisors include K&L Gates LLP, Deloitte CRG and Jefferies LLC. Gibson Dunn & Crutcher LLP and Houlihan Lokey Inc serve as advisors to Sailing.

Country: USA

Sector: Consumer Products, Wholesale/Retail

Target: Brookstone Inc

Buyer: Sailing Capital Overseas Investment Fund LP, Sailing Innovation (US) Inc

Deal size in USD: 135.7m

Type: Corporate acquisition, LBO

Status: Agreed

Buyer advisor: Gibson Dunn & Crutcher LLP, Houlihan Lokey Inc

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Publication:M & A Navigator
Date:Jun 4, 2014
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