Piper, a specialist investor in consumer
brands, has sold its stake in The Rug Company to Palamon Capital
Partners. The Rug Company is the preeminent global luxury rug brand.
Under Piper’s investment, it has more than doubled sales and expanded
worldwide with 12 new store openings. Financial terms of the transaction
were not disclosed.
The Rug Company was founded in 1997 by
husband and wife team Christopher and Suzanne Sharp, who recognised a
gap in the market for artisan quality, handmade contemporary rugs. Today
the business has a range of more than 300 rug designs, including its
own Contemporary Collection developed by the company’s in-house design
team, and its Designer Collection through collaborations with over
30 designers from the worlds of fashion, interior design and textiles
(such as Alexander McQueen, Paul Smith and Vivienne Westwood). Rugs are
handmade and produced using traditional weaving skills in Nepal.
Since Piper’s
investment in 2008, The Rug Company has expanded across the
globe, opening four new stores in North America, two in Europe and
several new franchises worldwide. Piper has also helped the business
develop its senior management and sales teams. Revenues at The Rug
Company have increased from £11m to £23m.
Christopher Sharp
commented: ‘We are immensely proud of the excellent reputation The
Rug Company has achieved in the world of interiors, design and fashion.
Piper has been a fantastic partner. Its in-house experts have been
incredibly helpful in supporting our growth, developing our e-commerce
and systems and, most importantly, enabling us to build the right team
for the future. We are sad to say goodbye to them, but are excited by
the next phase of our growth with Palamon Capital Partners who clearly
share our passion for excellence and a belief in the values that have
been fundamental to the company’s success.’
Chris Curry, of
Piper, said: ‘Piper is all about partnering with entrepreneurs to help
them accelerate the growth of their businesses and build iconic
brands. This is exactly what we have done with The Rug Company,
developing a highly innovative, energetic, international luxury business
with excellent growth prospects. We are delighted with the outcome of
this deal which has delivered a good return for our investors. We are
also proud of what we have achieved with The Rug Company and we wish
Christopher, Suzanne and the team well for the future.’
Share