deNovo Partners acted as the sole financial advisor to Brands For Less Group

Brands For Less Group has agreed to sell a 35% stake in its off-price retail business to US-based The TJX Companies, a global value seller of clothing and home fashions, for $360 million.

The deal values Brands for Less, which specialises in fashion, homeware and toys, at $1.2 billion, the UAE company said in a statement on Wednesday. Brands For Less serves more than seven markets across the Middle East and South-east Asia.

The deal positions it to leverage Massachusetts-based TJX’s extensive international experience and market presence.

“This is an exciting opportunity for growth, and with TJX’s international expertise, we are well placed to successfully execute our strategy while supporting the development and rewarding the dedication of our employees,” Toufic Kreidieh, executive chairman and co-founder of BFL Group, said.

deNovo Partners acted as the sole financial advisor to Brands For Less on the transaction.

The transaction is expected to close later this fiscal year.