Cash boost for Glanaden Shirts
A Northern Ireland private equity group announced today it had taken a significant stake in Derry based Glenaden Shirts, the UK’s only remaining volume shirt manufacturer.
Amicus Capital Partners’ cash injection will enable the company to expand its business in North America and the Far East.
Glenaden was created in 2000 when it was bought by its current management team from Coats Viyella. It employs 120 people and has factories in Northern Ireland and Morocco.
It designs and manufacturers high end men’s shirts for a number of premium UK and North American retailers and in recent years has been growing its own premium brands Thread & Bone and 1…like no other.
Dr Terry McCartney, the Amicus Capital director who led the acquisition, said: “We are delighted to add Glenaden to the Amicus Capital portfolio.
“It is an industry we know very well, and a business we have long admired. It is well managed, well positioned, and we see great value in both its relationship with Jermyn Street retailers and its own growing brand portfolio.”
Andrew Lowden, managing director, said his whole team was enthusiastic about the investment.
“Amicus Capital gives us not only the financial clout to expand our business in North America and Far East Asia, but it also provides a wealth of experience in fashion, textiles and corporate finance which we hope to benefit from,” he said.
