The Midlands team of private equity provider LDC has invested £22 million for a minority stake in lifestyle brand Joules.
Established in 1980 the Market Harborough-based firm is renowned for its distinctive designs and prints and country heritage.
The business offers a range of womenswear, menswear and childrenswear and has extended into babywear alongside a variety of accessories and homeware.
With current annual turnover approaching £90 million, the company operates a multi-channel model with its direct and wholesale channels now supplemented with its own retail stores, which total over 60.
The business has stayed true to its roots with a continued presence at country and equestrian shows, as well as in specialist independent stores nationwide, whilst its wholesale stockists include John Lewis, Harrods and Selfridges.
Joules has experienced significant growth in recent years having grown its UK retail and wholesale presence, expanded its E-commerce offering and continued the development of overseas markets.
The business will continue to be led by CEO and founder, Tom Joule, alongside MD, Colin Porter, and an experienced senior management team.
LDC’s investment strategy will be to partner the team to deliver continued growth across all channels of the business.
LDC investment director Andy Grove and John Garner from LDC will join the board with immediate effect.
Mr Grove said: “Joules has delivered considerable sales and profit growth in recent years, despite what has been a very challenging climate for the retail industry and we will work closely with the team going forward to help them execute the next phase of the business’ growth and development.”
Tom Joule, CEO of Joules added: “LDC’s investment brings additional strategic support and financial backing to our business and will help to increase the pace of our growth plans into new international and homewares markets whilst continuing to grow our loyal customer base.”
LDC completed the transaction with support from a number of Midlands-based advisors, including Eversheds, Clearwater Corporate Finance and Deloitte. Joules was advised by Rothschild, Browne Jacobson and PwC.
The deal with Joules forms part of LDC’s continuing strategy to invest in regional mid-market businesses whilst backing high calibre management teams. The transaction represents the seventh new investment of 2013 for LDC’s Midlands’ team, and brings the total equity invested by LDC’s Nottingham and Birmingham offices this year to £100 million.
