Japanese trader Itochu has acquired Nottinghamshire-based Quantum Clothing Group, for an undisclosed figure.
Quantum Clothing Group specialises in menswear, lingerie and hosiery and is a leading supplier to Marks and Spencer, employing in the region of 5,000 staff worldwide. Outside of the UK the business has operations in Cambodia, Sri Lanka and India amongst others.
Quantum will continue to be run out of the UK with Nigel Lugg, chairman and chief executive of Itochu subsidiary Prominent Europe, becoming chairman and group chief executive. The existing management team will remain in place.
The acquisition will add to Itochu’s existing production businesses, which includes the manufacture of menswear, womens wear, lingerie and sportswear.
A team of twenty-plus lawyers from Browne Jacobson, led by corporate partners Richard Cox and Gavin Cummings, advised Itochu and Prominent Europe on the acquisition.
Richard Cox said: “This was an extensive cross border transaction which involved a large team of Browne Jacobson lawyers with a wide breadth of expertise working along side and co-ordinating with legal teams from across Asia. It illustrates the benefits to clients of having a firm with an integrated full service legal offering backed up by a first class international network working on their behalf.”
Deloitte’s corporate finance team, led by David Jones together with its due diligence and tax teams provided advice to Prominent Europe and Itochu, Pinsent Masons acting for the selling shareholders of the Quantum Clothing Group.
