Australia's QIC reveals stake in US retailer

Boston-based Webster Capital and Charlesbank Capital Partners bought the clothing business, which targets tall or larger consumers, for US$525 million in December. San Francisco-based QIC Principal Stephen Whatmore, told The Wall Street Journal the firm was approached by Webster, to co-underwrite its investment in OneStopPlus, alongside Charlesbank, in October 2012.

OneStopPlus Group include brands such as OneStopPlus.com, Woman Within, Roaman's, Jessica London, and Bargain Catalog Outlet.

Brisbane-based QIC manages nearly A$70 billion ($72 billion) on behalf of sovereign wealth funds, superannuation funds and institutional investors. Its global private equity fund manages more than A$3 billion.

"It has long been QIC Global Private Equity's view that the path to success in private equity is to form relationships with a small number of elite managers, like Webster, which have specific sector experience, and to take an active partnership role in identifying a broader range of investment opportunities, including investing directly into companies such as OneStopPlus alongside its managers," said Whatmore .

OneStopPlus was said to have been underperforming for a number of reasons, including the lack of full resourcing by its French parent. OneStopPlus's target market is estimated to be worth $17 billion, with 66% of all adults in the US considered overweight, a figure that is expected to grow to 74% by 2019.

 

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• Topics
• North America
• Consumer
• Buyouts
• Financing
• Australasia
• USA
• Australia
• Consumer