The Financial Conduct Authority has approved a significant £191 million takeover of Manchester-based N Brown Group.
- N Brown Group’s board had backed this offer put forth by Joshua Alliance to transition the company into private ownership.
- Falcon 24 Topco will acquire all shares of the ecommerce group, following a court-sanctioned scheme.
- All leadership members will stay with N Brown as the company pivots towards its future growth in private hands.
- The transaction is expected to reach finalization by February 12, 2025.
The Financial Conduct Authority has recently given its approval for the £191 million acquisition of Manchester-based ecommerce company N Brown Group. This move signifies a major shift as N Brown makes plans to transition from the public market into a private entity. This decision follows a recommendation from the board of directors at N Brown, supporting the acquisition bid led by Joshua Alliance through his company, Falcon 24 Topco.
This acquisition implies that Falcon 24 Topco will take ownership of the entire shareholding of N Brown, effectively taking the company private. This decision is being executed via a court-sanctioned scheme of arrangement, which was one of the crucial steps needed to finalize the acquisition process.
In a statement released on December 19, 2024, N Brown and Bidco expressed their satisfaction with having met the FCA’s Change in Control Condition, an important regulatory hurdle that has now been cleared. Both companies remain on track to complete this significant transaction by February 12 next year, marking a new chapter in N Brown’s operational strategy.
Joshua Alliance, a non-executive director with longtime familial ties to N Brown, remarked on the continuity of the current executive team post-acquisition. He emphasized that his family’s longstanding involvement with N Brown, spanning over 50 years, has always been a matter of pride. Alliance highlighted the transactional benefits, stating, “This transaction will support N Brown in accelerating its long-term growth potential and provide, where needed, access to additional capital, expertise, and resource to accelerate the longer-term potential of the business.”
Alliance noted the strategic advantages of operating as a private company, particularly as N Brown navigates its current cycle of business evolution. He expressed enthusiasm about potential opportunities, particularly those associated with N Brown’s portfolio of established fashion brands, backed by its innovative financial services platform and skilled executive team.
The approval of N Brown’s acquisition marks a pivotal moment in its journey to achieve further growth as a private entity.
