M&A advisors advise off-price retailer Brands For Less on mega deal with TJX

UAE-based retailer Brands For Less has agreed to sell a 35% stake to The TJX Companies, in a $360 million deal that values the off-price retailer at $1.2 billion. M&A support was provided by deNovo Partners, PwC and White & Case.

Founded in Lebanon in 1996, Brands for Less has since its inception grown into one of the leading off-price retailers in the Middle East. Today, the group is headquartered in the UAE and serves seven markets across the Middle East with 100+ stores selling products such as fashion, homeware and toys.

With the landmark minority acquisition by The TJX Companies, a Fortune 100 company known for its global retail brands including TJ Maxx, Marshalls, HomeGoods, and TK Maxx, Brands For Less will be able to accelerate its investments in further growth, and expand beyond the GCC region.

Toufic Kreidieh, Executive Chairman and Co-Founder of Brands For Less, said: “Over the past 28 years, we have built the region’s leading off-price retailer of fashion, homeware and toys. We are thrilled and honored to have The TJX Companies as an investor. With their international expertise, we are well placed to successfully execute our strategy while supporting the development and rewarding the dedication of our employees.”

With more than 5,000 stores across three continents, The TJX Companies is regarded as the world’s largest off-price retailer of apparel and home fashions.

For The TJX Companies, the move gives the US-based company access to fast-growing consumer markets in the Middle East. Fashion is a rapidly growing segment in the region, with Brands For Less a popular destination for shoppers as it offers items at up to 80% off the original retail price for designer brands.

Meet the dealmakers

Brands For Less was advised during the deal process by deNovo Partners (exclusive financial advisor), PwC (financial and commercial due diligence), and White & Case (legal counsel).

“We are thrilled to have supported Brands for Less on their landmark transaction with The TJX Companies. This deal not only underscores the strength of the Brands For Less brand but also highlights the growing global interest in the region’s dynamic retail landscape,” said Norma Taki, a partner at PwC.

Dealmakers that worked on the deal include May Nasrallah and Leila Maroun (deNovo Partners), and Fatih Bozkurt, Frances Cope, Elliot Tester, Scott Jackson, Fatoon Alsayed and Ben Trainor (PwC). The White & Case team was led by partners Marcus Booth (London) and Roger Gaspard (Dubai) and included partners from offices in Abu Dhabi, Dubai, Cairo, London, New York, Chicago and Washington DC.

London-based partner Booth commented: “This is a transaction is a significant milestone for both brands and a landmark deal in the UAE and the Middle East more broadly. “Our role on the deal showcases not only the strength of White & Case on the ground in the UAE, but also our firm’s cross-border and cross-practice capabilities.”

The buy-side M&A team serving The TJX Companies was at the time of writing not known. The American group has a long history of acquiring companies.