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Aus financial consultancy sells to South African listed retailer
A Sydney-headquartered financial consultancy has sold its controlling interest in Retail Apparel Group (RAG) to a South African company for upwards of $300 million.
Emma Musgrave
Firm: King & Wood Mallesons (Navis Capital); Undisclosed (Retail Apparel Group)
Value: Approximately $302.5 million.
Area: M&A
Key players: The legal team advising Navis Capital was led by partners Matthew Coull, Evie Bruce, and Yuen-Yee Cho, with assistance from senior associate Clifford Sandler, solicitors Nicholas Ferrari, Luke Mulcahy and Kristin Romano, and graduate Alyce Kliese.
Deal significance: According to a statement from KWM, the divestment will see The Foschini Group acquire 100 per cent of the issued share capital of RAG, valued at approximately $302.5 million.
The Foschini Group is a South African listed retailer, while Navis Capital is an Australian financial consultant, headquartered in Sydney, New South Wales.
“We were delighted to assist Navis Capital on this transaction,” said KWM partner Matthew Coull.
“The high level of cohesion between Navis Capital and RAG’s management team was a key factor in facilitating the smooth execution of this transaction.”
Navis acquired its majority interest in RAG in May 2011. Since then, Navis has supported RAG’s management to develop and acquire new brands, expand the store network and drive operational initiatives, the statement provided by KWM concluded.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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