Leading international law firm Clifford Chance has advised the global private equity and investment advisory firm CVC Capital Partners (CVC) and Brooklyn Investment Limited (an offer vehicle jointly controlled by CVC and the founders of I.T) on the privatisation of the Hong Kong listed fashion retailer I.T Limited (I.T) by way of a scheme of arrangement. The privatisation became effective on 28 April 2021. The transaction also involves a restructuring to create a standalone business incorporating A Bathing Ape, AAPE by A Bathing Ape brands and associated sub-brands owned by the offeror group. The founders of I.T will separately own and operate the other operations of I.T.
The cross-jurisdictional Clifford Chance team in Hong Kong, Tokyo, Sydney and Beijing included partner and head of Asia Pacific Private Equity Andrew Crook, consultants Brian Harley and Tommy Tam, senior associate I-Ming Tan, and associates Cynthia Zhang, George Lau and Declan Ng. Partner Michihiro Nishi, senior associates Rachel Cheng, Iris Mok and Shunsuke Nagae, and associates Taro Kono and Beanka Chiang also advised on the business restructuring aspects of the transaction, and registered foreign lawyer Eunice Leung and associate Anson Wong were also involved in the scheme aspect of the transaction. Debt refinancing advice was provided by partner Matthew Truman, consultant Michael Pallaras and associate Shawn Tan. Antitrust advice was provided by partners Richard Blewett and Yong Bai, and senior associate Zibo Liu.
Andrew said, “We are very pleased that our cross-practice teams were able to support CVC and the offeror in the privatisation of I.T Limited and its subsequent restructuring. We continue to see strong interest in Hong Kong privatisations as owners look to mitigate risks amid challenging market conditions and to reinvigorate growth by implementing new strategies in a private setting.”
I.T is incorporated in Bermuda and has been listed on the Main Board of the Hong Kong Stock Exchange since March 2005. It is principally engaged in the design, sourcing and sales of fashion wears and accessories bearing third-party owned international designer brands (such as Off-White, Acne Studios, Comme des Garçons) and in-house brands (such as :CHOCOOLATE and Izzue).
Clifford Chance has previously advised CVC on the privatisation of the Hong Kong listed Nirvana Asia Ltd by way of a scheme of arrangement. This year, Clifford Chance has also advised on the privatisations of Haier Electronics Group Co., Ltd. and China Youzan Limited.
