L Brands, Inc today (13th December) announced that following its previously disclosed comprehensive review process, it has signed a definitive agreement to transfer ownership and operating control of La Senza – inclusive of the home office organisation, North American stores and e-commerce and international partnerships – to an affiliate of Regent LP, a global private equity firm. The company will sell 100 percent of its assets in La Senza in exchange for the buyer’s agreement to assume La Senza’s operating liabilities and to provide L Brands potential future consideration upon the sale or other monetization of La Senza, as defined in the agreement. The company expects to complete the transaction and transfer ownership in January. The company estimates that La Senza’s 2018 revenues and operating loss will be approximately $250 million and $40 million (approximately $0.12 per share), respectively.
Regent is a global private equity firm focused on innovating and transforming businesses. The firm’s mission is to create long-term value for its partners, the companies it invests in and the communities in which it works. Regent’s investments span the globe and operate in a wide array of industry verticals including technology, media, consumer products, industrial, retail and entertainment.
Selected investments include Sassoon, Sunset Magazine, Lillian Vernon and a media portfolio comprised of 18 newspapers, magazines and television platforms including Military Times, Army Times, Navy Times, Defense News, PBS TV’s Defense News Weekly, Federal Times and the HistoryNet Magazines. Regent is based in Beverly Hills, California.
