Figleaves, the pioneering supplier of online lingerie, underwear & swimwear and has been purchased by N Brown. Figleaves, on course for £23 million revenue this year was sold for a total consideration of £11.5 million. A good fit for N Brown who specialise in home shopping and database driven marketing of home shopping and financial services.
It would be interesting to know how the proceeds from the deal were split out. Balderton have been an active investor in the company for many years and theoretically, will have taken most of this money off the table on exit. However, as Balderton have switched focus to seek investment in very large and growing markets, they may have been prepared to leave more on the table for the other investors and management team. Everything, even at exit, is negotiable.
Mike Ross, founding CEO of Figleaves, and founder and director of eCommera will be speaking at the BLN Growth Forum about getting customers to come and stay. Amongst Mike’s many achievements at FigLeaves, he set up a game of tennis with Jeff Bezos and Anna Kournikova in Times Square. The man has chutzpah.
The BLN Growth Forum, 15th July 2010, is a one day interactive event for senior executives in high growth companies. Learn from the mistakes of others. Find peers, inspiration and advice that will help you take your business to the next level.