Scottish Equity Partners (SEP) has recorded another success with the sale of matchesfashion.com — the digital international fashion brand backed by SEP — to funds managed by Apax Partners.

SEP first invested matchesfashion.com in 2012.

Along with founders Tom and Ruth Chapman, SEP will retain a minority stake in the business going forward.

“Financial terms of the transaction, which is subject to customary closing conditions, have not been disclosed,” said SEP.

matchesfashion.com is headquartered in London and employs more than 500 people.

In March this year SEP said matchesfashion.com announced record revenues of £204 million for the year ending January 31, 2017 representing 61% year on year growth.

Total online sales grew by 73% during the period and non-UK sales made up 80% of total online revenues.

During the period, matchesfashion.com successfully launch the industry’s first on demand 90 minute delivery service in London and move its own headquarters to The Shard.