ENSafrica Recommends Shoosmiths to Advise Truworths International on Acquisition
National law firm Shoosmiths advised Truworths International on the acquisition of an 88.9% stake in fashion footwear chain Office Retail Group. Shoosmiths was recommended to Truworths by leading South African law firm ENSafrica through WSG. ENSafrica has been advising Truworths in Southern Africa for many years.
The deal, completed in December, is valued at R5.5 billion (£256 million) and marks the South African fashion retailing group's entry in to the UK retail market. Truworths CEO, Michael Mark, said the acquisition provides Truworths with access to the UK and continental European retail markets and the opportunity to diversify the group's customer base and earnings. Mark also said, “Our partnership with Shoosmiths was key to Truworths successfully navigating the numerous legal and practical complexities relating to the acquisition and the funding thereof. Their versatility, thoroughness and accessibility throughout the process contributed greatly to the timeous conclusion of the transaction. The Shoosmiths team played a most important role in ensuring the work being carried out by the various advisers associated with the acquisition proceeded in a well-co-ordinated and informed manner.”
Kieran Toal, Shoosmiths corporate partner, said of the acquisition, “It is a pleasure for us to advise Truworths on this globally significant acquisition and we very much appreciate being recommended as a law firm with strong retail expertise through the World Services Group. This has been a heavily partner-led transaction. Given this is Truworths' first European acquisition and Office has such a large footprint, a number of our teams have been involved in working very hard to get this deal over the line. We wish Truworths every success in their investment in to Office.”