European private equity firms Apax Partners and Permira have each netted a more than four times return on the sale of UK clothing retailer New Look for £780 million.

The companies announced on Friday that South African investment firm Brait is buying 90% of the business, implying an enterprise value of £1.9 billion including debt. New Look founder Tom Singh's family interests and the existing management team will be reinvesting alongside Brait for the remaining 10% shareholding.