TowerBrook Capital Partners Announces Completion of Jimmy Choo Acquisition

Robert Bensoussan to lead new luxury goods initiative

LONDON, February 28 2007 - TowerBrook, the international private equity firm, President and Founder Tamara Mellon and Chief Executive Robert Bensoussan, in partnership with the rest of the management team of Jimmy Choo, today announce that they have completed the acquisition of Jimmy Choo from Lion Capital for an enterprise value of £185m. TowerBrook is the lead investor and together with its affiliates and co-investors controls 83% of Jimmy Choo.

Tamara Mellon will remain a significant shareholder and continue to have direct oversight of Jimmy Choo's creative direction and image and promotional activities, working in close collaboration with the long-standing Creative Director Sandra Choi. Chief Executive Robert Bensoussan will continue to coordinate the company's strong growth.

Simultaneously, TowerBrook is delighted to announce it will partner with Robert Bensoussan to lead a new strategic initiative to acquire and build luxury brands. This initiative will focus on building a unique portfolio of luxury brands that can be developed internationally. The acquisition by TowerBrook of Jimmy Choo provides the first step in this broader strategy to invest in the luxury sector.

Mr Bensoussan will identify suitable acquisitions and oversee the implementation of growth strategies at each of the acquired companies. The criteria for acquisitions will include underperforming businesses that have the potential for turnaround and visible but underinvested brands. It is anticipated that the acquisitions will have a turnover of at least £15 million. Mr Bensoussan, alongside his current commitments, will also be on the board of each of the acquired companies.

Ramez Sousou, Co-CEO of TowerBrook, commented: "TowerBrook is delighted to have completed the acquisition of Jimmy Choo, one of the most innovative and successful brands in the luxury goods sector. We look forward to working with the management team to continue Jimmy Choo's dramatic growth and success. We are also looking forward immensely to working with a manager of Robert Bensoussan's caliber and experience to seek further acquisitions in the luxury goods sector."

Robert Bensoussan commented: "I have long held the ambition to build a unique portfolio of luxury brands. Alongside TowerBrook, I believe that we have significant strength and experience to fulfill this exciting potential."

About Robert Bensoussan

Robert Bensoussan has an outstanding international reputation and track record in the luxury goods arena having contributed to the development and restructuring of some of the world's most prestigious brands, including Lacoste, Sonia Rykiel and Escada. He was Chief Executive of both Christian Lacroix and Gianfranco Ferre and was retained by Burberry in 1998 to work on the repositioning of its brand. He was also instrumental in the Joseph £100 million LBO in 1999. Mr Bensoussan is also an investor and Non-Executive Chairman of the English fashion bag company Radley.

Mr Bensoussan recognised the potential of Jimmy Choo and, together with Phoenix Equity Partners, set up Equinox Luxury Holdings Ltd which acquired a 51% stake in the business in 2001 on a company valuation of £20 million. As Chief Executive, he has presided over significant creation of value for the shareholders which has seen the business valuation grow from £20 million to £185 million in 5 years.

Back