CMS has advised longstanding client Todd & Duncan and its shareholder, Zhejiang Xinao Textiles (listed on the Shanghai Stock Exchange), on an equity investment and joint venture collaboration with Barrie Knitwear.
Founded in Kinross, Scotland, in 1867, Todd & Duncan is a renowned and market-leading cashmere yarn spinner. The arrangement will see Barrie Knitwear, take a minority equity interest in Todd & Duncan. The deal will improve Todd & Duncan’s liquidity as it looks to implement renovation and expansion plans.
CMS Corporate Partner Robbie Somerville comments: “This partnership marks a significant milestone for Todd & Duncan, and we are proud to have played a role in facilitating this strategic alliance with Barrie Knitwear, which will undoubtedly enhance Todd & Duncan’s market position and plans for renovation and expansion. The CMS team has worked tirelessly to drive the arrangement through to a successful completion, showcasing its deep expertise and commitment to delivering exceptional results for our clients.”
Phillip Shen at Xinao says: “We are pleased to enter into this joint venture with Barrie Knitwear. This partnership marks the beginning of a new chapter for Todd & Duncan and aligns with our strategic goals. The expertise and dedication of the CMS team have been invaluable in bringing this arrangement to fruition and we are grateful for their ongoing support.”
Bruce Cameron at Todd & Duncan adds: “The CMS Corporate team has been our trusted advisor for many years. I wish to extend my heartfelt thanks to Robbie and his team for their invaluable support in this arrangement. Their technical and expert guidance throughout the process has been instrumental in achieving a successful completion.”
The CMS team was led by Robbie Somerville, and included Anya Fitzpatrick (Corporate); David Ramage and Leanne Hammell (TMIC); and Preena Ghandi and Johanna Dodgson (Tax), alongside many other CMS colleagues.
With 1,400 corporate lawyers in over 80 offices worldwide, of whom over 250 are based in the UK, the CMS Corporate practice has established itself as a leader in advising on strategic deals within the fashion & luxury sector. With a deep understanding of the complexities and nuances of the industry, CMS has successfully guided numerous high-profile transactions and mergers and acquisitions.
