Clarks Strikes Deal To Be Taken Over By Private Equity Firm

The U.K.-based shoe brand and retailer Clarks has sold a majority stake in the company to Hong Kong-based private equity firm LionRock Capital. The investment amounted to 100 million pounds (approximately $131 million at press time), according to a press release from LionRock. It ends an era of family ownership in the 195-year-old brand, though the Clark family remains “a key shareholder” in the business. The deal is still subject to shareholder and regulatory approval. LionRock said the investment will allow Clarks, which has a large U.S. footprint, to execute on a previously announced strategic plan. The parties also said it would also allow Clarks to expand globally, including in China and other Asia Pacific countries. Read more at Retail Dive.