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(In fifth paragraph, corrects three Bridgepoint investments at25 mln pounds total, not each)
LONDON, May 1 (Reuters) - British clothing chain FatFace is to list on the London Stock Exchange in afloat that could value the company around 440 million pounds($743 million) and help it cut debt ahead of its expansion intoNorth America.
The company, owned by European private equity groupBridgepoint said on Thursday it aimed to raise 110million pounds through the IPO, joining other British retailerslike Poundland and Pets at Home who havelisted this year to take advantage of firm equity markets.
FatFace had adjusted core earnings (EBITDA) of 31.2 millionpounds in its 2013 financial year. It has 208 stores with316,700 square feet of retail space across the UK - not enough,said Andrew Thompson, its chief executive.
"What we want to do is grow it. We want to go abroad," hesaid, adding the firm would set up a dedicated U.S. website andopen two to three shops on the east coast of the United Statesover the next 12 months.
Bridgepoint paid 360 million pounds for FatFace in 2007 fromrival private equity firm Advent, but the investment has proveddifficult as the retailer struggled to find its niche.Bridgepoint subsequently injected three further investments of25 million pounds in total.
FatFace, known for its outdoors activewear, recentlyabandoned attempts to target younger shoppers and returned toits middle-aged core market - guided by former Marks and Spencerhead Stuart Rose, who joined it as chairman in 2013.
FatFace, whose two founders began by selling T-shirts from aVW campervan in the French Alps, will use the new capital fromthe IPO to cut debt to 60 million pounds and reduce associatedbank costs and fees.
Bridgepoint's 2007 investment in FatFace, which Thompsonsaid was split equally between debt and equity, was part of theprivate equity house's 2.5 billion euro European Fund III.Bridgepoint launched its latest fund, the 4.8 billion euroEuropean IV, in 2009.
The sale will be led by Citigroup and Jefferies, withCanaccord Genuity as lead manager and Lazard asfinancial adviser.
Bridgepoint declined to comment. ($1 = 0.5922 British Pounds) (Reporting by Freya Berry; Editing by Sophie Walker and DavidHolmes)
