Lion Capital Saves All Saints

All Saints (London), which was facing financial troubles, has a new owner. Investment firm Lion Capital, which owns lingerie retailer La Senza and American Apparel, has teamed up with American investor Goode Partners to buy the holdings of two Icelandic banks. The banks came to own a majority stake in the business after the collapse of its previous owner, Baugur, an Icelandic investment group.

Financial details of the deal have not been disclosed. Lion Capital will take a 65 percent stake in the business with Goode Partners acquiring an 11 percent share. All Saints chairman Kevin Stanford will retain a 15 percent stake, with the remaining 9 percent going to the company's management, led by ceo Stepphen Craig, reports The Guardian.

All Saints made its debut in 1997 as a menswear brand, opening a store in London. Today it operates about 62 stores in the U.K., Europe, the U.S. and Russia.