The Hong Kong and London Private Equity teams advised established client LionRock Capital on its acquisition of a majority stake in UK shoe manufacturer and retailer C&J Clark Limited (“Clarks”). The cross-border transaction, which will include a £100 million investment in the business, is subject to shareholder approval and a Company Voluntary Arrangement (CVA) that would ultimately move 60 of Clarks’ 320 retail stores in the UK and Republic of Ireland to nil rent. LionRock’s acquisition will allow the world-renowned shoe brand to expand its global footprint, especially into the Asia Pacific region, at a time when the retail industry has been significantly impacted by the COVID-19 crisis.
LionRock Capital is a private equity fund with offices in Zurich, Hong Kong, and Shanghai, which seeks to partner with leading global consumer brands with an emphasis on China expansion.
Clarks, which was founded in Somerset, England, in 1825, has grown into a £1.5 billion global business operating retail, wholesale, franchise and online channels in over 100 markets worldwide supported by nearly 10,000 employees.
The multi-disciplinary Goodwin team, which consisted of lawyers across the firm’s Asia, Europe and U.S. offices, was led by Douglas Freeman, Victor Chen and Daniel Lindsey in Hong Kong and Carl Bradshaw, Simon Thomas and Gretchen Scott in London, and included Angus Simpson, Gartan Tracey, Horine Ye, Anwesha Haldar, Matthew Connell, Oonagh Steel, William Weintraub, Katie Leah, Dominic Wong, Jenny Zhi, Lee Douthitt, Rachel Thurbon, Joshua Angrave and Jacob Osborn.For more details, please read the press release and coverage in the Financial Times and The Telegraph.