Apax to buy majority stake in luxury retailer

FILE PHOTO - A woman enters the offices of private equity firm APAX in London May 18, 2012. REUTERS/Chris Helgren

(Reuters) - British private equity firm Apax Partners is to buy a majority stake in luxury fashion retailer for an undisclosed sum. founders Tom and Ruth Chapman, and existing venture capital backers Scottish Equity Partners (SEP) and Highland Europe, will a retain minority stake in the business, Apax said in a statement.

“We are delighted that Apax Partners have taken a majority stake in the business”, the retailer’s founders said, adding that the current CEO Ulric Jerome and CFO Fiona Greiner would continue to lead

Last week, Sky News reported that Apax Partners was close to buying for about 800 million pounds.

Qatalyst Partners is advising on the deal.

Reporting by Sangameswaran S in Bengaluru. Editing by Jane Merriman