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3i and Enterprise Equity sell UK clothing firm Ben Sherman for £80m

Private equity firms 3i and Northern Ireland-based Enterprise Equity have sold UK clothing designer and distributor Ben Sherman for £80m. The company has been acquired by Oxford Industries.

'This has been an incredibly successful investment for us,' said Bob McGowan-Smith, chief executive at Enterprise Equity. 'Ben Sherman's performance far exceeded our initial expectations when, together with 3i, we backed the original Northern Ireland management team. It is now a significant international branded apparel and footwear business. We are confident that this deal with Oxford will build on Ben Sherman's success.'

Kevin Lyon, 3i director, added, 'Ben Sherman is a great example of a company developing a brand and expanding its target markets, notably into the US. With the support of the management and through the strength of its brand, it is now a growing and profitable company. This is a fantastic growth story and the transaction sees the company well placed for the future.'

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