Hancock & Gore acquires UK school uniform retailer Schoolblazer to merge with Mountcastle group

Thomson Geer has advised ASX-listed investment firm Hancock & Gore Ltd (ASX:HNG) on its acquisition of UK-based independent school uniform retailer Schoolblazer for A$60 million (approx.) in a cash and scrip deal.

Thomson Geer also advised Hancock & Gore on an A$18.5 million equity capital raising to fund the acquisition.

The acquisition will see Schoolblazer merge with Hancock & Gore's wholly owned subsidiary, Mountcastle Pty Ltd, to create a global uniforms platform with school wear segment leadership positions in the UK, Australia and New Zealand.  

The merger will see Schoolblazer continuing to develop and grow its UK operations and begin developing its unique offering in the Australian market, before further global expansion.

Schoolblazer is a leading retailer to UK large independent schools, servicing about 240 schools and about 140,000 students.

The company complements Mountcastle’s offering in the Australian school wear market, including identified procurement synergies across common suppliers and a balanced seasonality with peak back to school periods in opposite hemispheres to smooth profitability and working capital cycles.

Thomson Geer acted as Australian legal counsel, with Eversheds Sutherland acting as Hancock & Gore's UK legal advisors.

The Thomson Geer team was led by Partner Eugene Fung who said: "We are pleased to work with Hancock & Gore on this transformative merger that will see both Mountcastle and Schoolblazer grow and expand their offering in new markets."

Eugene was supported by Senior Associate Thomas Gardner and Lawyer Michael Chong.

Hancock & Gore has been a major shareholder in Mountcastle for over 17 years, acquiring a c.50% stake in 1997. In 2023, Thomson Geer advised Hancock & Gore on its two-stage acquisition, to move to 100% ownership of Mountcastle.

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