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UK firm ECI exits online and mail order retailer M and M Direct26/10/2007. Source: AltAssets. 
 UK mid-market buy-out specialist ECI Partners has sold M and M Direct, a Leominster, UK-based online and mail order retailer of discounted lifestyle, fashion and sports apparel and footwear, to growth private equity and US buy-out firm TA Associates. Terms of the transaction were not disclosed.
M and M specialises in purchasing end-of-line clearance stock from major brands and selling those products at substantial discounts. The company was founded in 1987 as M and M Sports, selling solely sports apparel. Following the management buy-out backed by ECI in 2004, M and M expanded its product line to include fashion and lifestyle clothing. M and M now sells more than 230 brands of men's, women's and children's apparel and footwear, including adidas, Animal, Bench, Levis, Miss Sixty, Nike, Puma, Quiksilver, Reebok, Timberland and Vans. Since ECI's investment sales have grown at 18 per cent per annum to £80m, the firm said in a statement.
Mike Tomkins, who led the company throughout ECI's investment, will be handing over his position of CEO to Steve Robinson, formerly CEO of Tesco Direct. Tomkins will remain very actively involved within the company as a non-executive director.
ECI has £500m under management and specialises in buy-outs, buy-ins and development capital deals of £10-150m.
TA Associates, managing $10bn in capital, provides management buy-out, leveraged recapitalisation and growth equity capital primarily for technology, financial services, business services, healthcare and consumer businesses.
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