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Trade Secret trades owners for $80m

Two firms have negotiated the sale of Australian clothing retailer Trade Secret to a US-based company.

user iconDigital 31 July 2015 Big Law
Damian Reichel
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Firm: Johnson Winter & Slattery (Gazal Corporation); Clayton Utz (The TJX Companies - AU counsel); Ropes & Gray LLP (The TJX Companies - US Counsel)

Deal: The TJX Companies acquired the Trade Secret business from Australasian apparel supplier Gazal Corporation.

Value: About $80 million


Area: M&A

Key players: Partners Damian Reichel (pictured right) and Andrew Williams (pictured below) led the JWS team, which included partners Carrie Follas and Prashanth Kainthaje.

Deal significance:
Trade Secret is an off-price retailer that opened its first store in 1992 and has since spread 35 stores across New South Wales, Victoria, Queensland and the ACT.

JWS partner Damien Reichel credited Gazal with introducing off-price retailing in Australia.

TJX is an international corporation with 3,441 stores in seven countries and three e-commerce sites.

Gross proceeds from the planned sale are expected to be $80 million on a cash and debt-free basis, according to a statement from JWS.

Gazal Chairman Michael Gazal said the sale would be a good outcome for company shareholders.

“We are also pleased to see Trade Secret will have the opportunity to grow further under TJX ownership,” he said.