Private equity firm BlueGem Capital has bought British company Liberty for £32 million, or $48 million (at the current exchange rate). The public company will now delist from the London Stock Exchange.
Over the last few years, the famed retailer has aimed to re-invigorate a once-staid image with gazillions of fantastic collaborations, including those with Manolo Blahnik, Nike, and most prominently, Target.
Over the last year, the company's financial state has drastically improved. In 2009, it turned a profit, due to an increase in sales as well as the relinquishment of its flagship store in London for $56 million. (It's now on a 56-year-lease issued by the buyers.)
What's BlueGem's goal? Well, like any private equity firm, it's to sell in a few years for double the money--hopefully more. It's quite possible Liberty will delist for a few years and then hop back on the stock market.