Advent Acquires Majority Stake in Retail Brand Zimmermann (1)

Private equity firm Advent International has acquired a majority stake in Australian fashion brand Zimmermann from Style Capital.

Style Capital and Zimmermann’s founding family will retain significant minority stakes in the company, according to a statement Tuesday confirming an earlier report by Bloomberg News.

Financial details weren’t disclosed. The transaction values Zimmermann at about $1 billion, said people familiar with the matter, who asked not to be identified discussing confidential information.

Sisters Nicky and Simone Zimmermann founded their namesake label in 1991 in Sydney. They own a 30% stake in the business, while Style Capital owns the remainder. The Italian ...