Bank of Scotland Corporate provided debt for the deal and has taken a minority stake in the retailer.
Cash will be invested to expand the 37-store shirt specialist. Quinn said: 'We see an opportunity. We have been strengthening the key people in the company and will continue to grow the business.'
The group has opened six stores this year and six more are planned in the next two months. TM Lewin generated turnover of more than£40 million in the financial year to February.
Quinn, who has worked at TM Lewin for 25 years, became managing director in 1993 following the premature deaths of the owners, brothers Chris and Tony McKenna. The majority of the business was owned by their widows. On Monday, new finance director Mike Trotman will join from Hobbs, where he is replaced by former Marks & Spencer executive Nicky Dulieu.
Other directors involved in the deal include creative design director John Francomb, marketing boss Robert Isaac and retail director Costa Procopi.
TM Lewin was founded in 1898 and has its roots in men's shirts. During the past year it has expanded its offer to include casualwear and women's suiting. It has also opened small-format store TM Lewin Express at London's Waterloo station. Despite a high-end positioning, the brand's pricing strategy relies heavily on promotions, such as four shirts for£100.
BDO Stoy Hayward advised on the deal, which shows private equity interest in retail remains high, despite tough trading and several failed attempts to acquire quoted store groups.
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