White & Case advised the founders of Brands for Less (BFL) on the US$360 million sale of 35% of its shares to The TJX Companies, Inc. (TJX) in a deal which values BFL at an enterprise value of US$1.2 billion.
Dubai-headquartered BFL is an off-price retailer of fashion, homeware, and toys, operating across seven markets in the Middle East in more than 100 stores. It was founded by Lebanese entrepreneurs Toufic Kreidieh and Yasser Beydoun in 1996.
TJX, a retailer in the US and globally, operates more than 5,000 stores across nine countries on three continents.
The transaction allowed TJX access to fast-growing consumer markets in the Middle East, White & Case said in a statement.
“This transaction is a significant milestone for both BFL and TJX and a landmark deal in the UAE and the Middle East more broadly,” commented White & Case partner Marcus Booth, who co-led the firm’s deal. “It showcased not only the strength of White & Case on the ground in the UAE, but also our firm’s cross-border and cross-practice capabilities.”
Booth, who is based across Dubai and London, co-led the deal alongside Roger Gaspard, a local partner based in Dubai.
