LeMieux gears up for global growth with LDC investment
LDC, the UK mid-market private equity firm, has completed a minority investment in equestrian brand LeMieux. The terms of LDC’s investment have not been disclosed.
LeMieux’s products are globally recognised for their quality, durability, technical performance, and design. Originally known for its saddle pads, the brand has since expanded its range into most areas of equestrian equipment, as well as premium rider wear and accessories, creating a signature LeMieux look and colour story. The brand is sold via over 500 traditional and online retailers in 69 countries and increasingly through its own website. LeMieux’s products are the choice of world class riders, including multiple Olympic and World Champion Charlotte Dujardin and Rolex Grand-Slam winning showjumper Scott Brash.
The business was founded in 2004 by Lisa and Robert Lemieux, a former professional event rider, British National Champion and Olympian. Following the move to new purpose-built premises in 2019, the business is now on track to generate revenues of over GBP22million in 2021, having grown by more than 30 per cent each year since 2008.
LDC is backing LeMieux’s ambitious management team, led by Lisa and Robert, to accelerate its growth in the UK and overseas, and further expand its horsewear and rider wear offering.
The investment was led by LDC’s Joe Tager, Christian Bruning, Tom Barnard and Dan Gluckman, with Joe and Christian joining the board. As part of the transaction, retail veteran and ex-CEO of Joules, Colin Porter, will join as Non-Executive Chairman.
Robert Lemieux says: “Over the years we have taken LeMieux from a specialist horsewear business to a globally recognised brand. We knew the time was right to accelerate our rate and scale of growth, which is why partnering with LDC was a natural step for us given their track-record of supporting brands like ours and taking them to the next level. Both Lisa and I are excited by this new phase of the company’s journey – we have an incredible team here who’ve really risen to the challenge, especially with the added pressures of Covid and Brexit”.
Colin Porter, Non-Executive Chairman of LeMieux, says: “LeMieux’s products have a hallmark of quality and are synonymous with safety and performance, which has earned the brand a trusted reputation amongst riders and horse lovers across the world. The business is now at a very exciting point in time, where there’s a significant opportunity to scale-up and make it a real household name in the industry. Collectively the team has a wealth of experience in taking retail brands to the international stage and growing e-commerce, which makes this partnership a very exciting opportunity.”
Joe Tager, Investment Director at LDC in London, says: “We are delighted to be partnering with Lisa and Robert, who have already grown LeMieux to become a market leading brand in the equestrian community. Together, we have identified significant growth opportunities, which include expanding its already-impressive global footprint, further broadening its product-range, and investing in digital sales and marketing. The business has shown consistent growth over the years and is well positioned to deliver its ambitious plans.”
LDC was advised by BDO, Goodwin Law, Grant Thornton and LEK.
LeMieux was advised by Clearwater International, DSA, Onside Law and Alvarez and Marsal.