In The Style Group has sold its trading operations to Baaj Capital
In The Style
In The Style is a fast-growing digital womenswear fashion brand with an innovative social media influencer collaboration model. Founded in 2013 by Adam Frisby, the brand champions inclusivity, body positivity and real beauty. The brand’s unique influencer and social media-led, campaign-based mode differentiates it from competitors as an authentic and cost-effective way to drive awareness, engagement and sales.
The Deal
The board of In The Style Group, a business quoted on the AIM market of the London Stock Exchange, engaged Lincoln International to perform a strategic review under The Takeover Code which would consider alternative ownership structures to better realize In The Style’s underlying growth potential. Lincoln leveraged its global platform and deep sector expertise to quickly engage in discussions with several trade and financial investors. Lincoln presented a range of strategic options to the board, which ultimately decided to pursue the sale of In The Style Fashion Limited to Baaj Capital, a UK-based family office. Under the terms of this sale, Adam Frisby would become the Chief Executive Officer and invest alongside Baaj Capital. In accordance with the AIM Rules for Companies, this transaction was subject to shareholder approval, which was given at a general meeting.
Our Perspective
Harry Kalmanowicz and Julian Tunnicliffe, Managing Directors in Lincoln’s London office, commented, “In The Style is an innovative apparel brand with a young and loyal customer base and a unique, influencer-led business model that was challenged by the macroeconomic environment and difficult public markets. We are pleased to have supported In The Style in these difficult circumstances and are pleased to have found a strong complementary partner in Baaj Capital.”
Baaj Capital
Baaj Capital is a UK-based situational investor with a particular focus on retail, wholesale and manufacture. It has investments in a range of businesses across the UK where it works with existing management teams and owners.
Lincoln’s speed of execution, ability to reach investors through its global network and advice on regulatory requirements meant the board had a timely understanding of all options available to the company.
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