CVC Capital Partners’ $460M Privatization of I.T Ltd.

Milbank LLP advised CVC Capital Partners on the deal.

CVC Capital Partners announced the privatization of Hong Kong-listed fashion conglomerate I.T Ltd. The $460M transaction was undertaken as a joint offer between Brooklyn Investment Limited, a company owned by funds advised by CVC Capital Partners, and the Founder Group and involved a restructure of I.T Ltd.’s business to create a standalone brand operation business for A Bathing Ape, AAPE by A Bathing Ape and associated brands from its other existing retail operations which will be sold to the Founder Group. The privatization was launched in December 2020 and completed on April 28, 2021.

I.T Ltd. is a leading fashion retail group with international designer brands, including Alexander McQueen, Gucci and Celine, among others. Based in Hong Kong and incorporated in Bermuda, I.T Ltd. has significant operations in China, Hong Kong, Japan and the US. The group was listed on the Hong Kong Stock Exchange on March 4, 2005.

The Hong Kong-based Milbank deal team was led by Global Corporate partner Andrew Whan (Picture).

Involved fees earner: Andrew Whan – Milbank LLP;

Law Firms: Milbank LLP;

Clients: CVC Capital Partners;

Author: Sonia Carcano