Brunner to subscribe to Art Holdings

Boundary Capital, today announces that Brunner Limited, a vehicle in which Boundary is the majority shareholder, has agreed to subscribe €65m for approximately 45% of the equity in Art Holdings, a new holding company that will acquire 100% of the activities of the Arnotts Department Store group.

Boundary Capital, today announces that Brunner Limited, a vehicle in which Boundary is the majority shareholder, has agreed to subscribe €65m for approximately 45% of the equity in Art Holdings Limited, a new holding company that will acquire 100% of the activities of the Arnotts Department Store group.

On completion of the Subscription, which is expected to take place within the next 6 weeks, Boundary will invest €40m for an indirect stake of 28% in Arnotts; Anglo Irish Private Bank will co-invest €25m with Boundary. Boundary Management Limited will manage the combined shareholdings in Brunner on behalf of Boundary and Anglo.