Private equity firm Advent International has acquired a majority stake in Australian fashion brand Zimmermann from Style Capital.
Style Capital and Zimmermann’s founding family will retain significant minority stakes in the company, according to a statement Tuesday confirming an earlier report by Bloomberg News.
Financial details weren’t disclosed. The transaction values Zimmermann at about $1 billion, said people familiar with the matter, who asked not to be identified discussing confidential information.
Read the full story on Bloomberg here.