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PRINT THIS PAGE 3i sells minority stake in fashion retailer Republic to Change Capital19/10/2005. Source: AltAssets. 
 European private equity and venture capital company 3i has sold its minority stake in Republic as part of a £105m deal to Change Capital. Following the transaction, Change Capital will become the majority shareholder in Republic.
3i's proceeds represent a money multiple of 2.2x and an IRR of 80 per cent, according to 3i.
Republic is a retailer of menswear and womenswear branded fashion. The brand mix includes established labels such as Replay and Hooch. Republic operates 76 stores throughout the UK.
3i invested £15m of equity and debt in February 2004. 3i has introduced Richard Tonks as chairman and helped Republic strengthen its second tier management team.
Phil Greves, 3i investment director, said, 'Republic has been a very successful investment for us.' Tim Whitworth, CEO of Republic, added, '3i has been a valued partner over the last 20 months and has given us great support in developing the business. In particular, we have benefited from their retail track record and their contacts in the industry.'
3i focuses on buy-outs, growth capital and venture capital and invest across Europe, in the US and in Asia Pacific.
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