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Musto sells majority stake to Phoenix
30 Jul 2008
MUSTO SELLS: Clothing and footwear company Musto is set to sell a majority stake to private equity firm Phoenix Equity Partners in a deal that will net the family owners about £10m in cash. The Musto family will be left with around 30% of the new company, which is valued at about £40m.
Nigel Musto currently runs the family firm
Former Rothschild investment banker Peter Byrom, who is a non-executive director at Rolls Royce and owns 30% of Musto, is also in line for a large cash windfall.
The sale to Phoenix is a surprise to the market, which had been expecting the deal to be done rival private equity firm Inflexion, but talks broke down a couple of weeks ago.
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