British jeweler Theo Fennell has agreed to $4.4 million takeover bid from Mirfield 1964.
Mirfield, comprised of EME Capital and other investors, was incorporated in June specifically for the purpose of buying the jeweler. Following the acquisition, Fennell will become a wholly owned subsidiary of Mirfield, and its public listing will be canceled.
The proposal calls for founder and creative director Theo Fennell and deputy chairman Alasdair Hadden-Paton to remain as directors of the company. Under the agreement, Fennell will transfer all rights to the name “Theo Fennell” and associated intellectual property.
Mirfield said it plans to “add additional retail experience” to the company’s management.
Rahan Shaheen, a partner in EME Capital and a director of Mirfield 1964, said in a statement that it plans to turn Theo Fennell into a “global luxury brand.”
“This is an excellent opportunity for the business,” Fennell said in a statement. “With the additional capital and management expertise of Mirfield we will be able to build an even stronger business and I am personally delighted that I will continue to play a central role for Theo Fennell.”