Synova Capital, a UK private equity fund focused on the lower mid-market, announces the acquisition of NICA, the UK’s fastest growing handbags brand, to establish TLG Brands Ltd as the largest branded handbag and accessories business in the UK.

TLG Brands Ltd (“TLG” or the “Group” or the “Business”) currently owns affordable luxury handbag and accessories brands, FIORELLI and MODALU. The bolt-on acquisition of NICA will further solidify TLG’s position as the UK’s leading owner of affordable luxury handbag and accessories brands as well as adding an additional strong brand to the Group’s international distribution platform. Mike Hiscock will join the Board of TLG and remain as Managing Director of NICA.

Stuart Lunan, CEO of TLG commented: “We have tracked the impressive growth of the NICA brand and have always believed that it would be highly complementary to our Business. Our partnership with Synova Capital has given us the necessary financial resources and strategic support to conclude such an acquisition. On a personal level, I am delighted to be welcoming Mike Hiscock to the Board and look forward to working closely with him once again.”

Commenting on today’s announcement Philip Shapiro, a Managing Partner of Synova Capital and Director of TLG added: “We are thrilled to be in a position to bolt-on a leading brand, like NICA, to our TLG platform. We are very pleased with how the Business has grown, both in the UK and internationally, since our investment last year and look forward to welcoming the talented NICA team into TLG.”