Private equity provider LDC has invested GBP22m for a minority stake in lifestyle brand Joules.
Established in 1980 and headquartered in Market Harborough, Leicestershire, Joules is a British premium lifestyle brand that is renowned for its distinctive designs and prints, high-quality product range and authentic country heritage. The business offers a broad range of womenswear, menswear and childrenswear and has more recently extended into babywear alongside a variety of accessories and homeware.
With current annual turnover approaching GBP90m, the company operates a multi-channel model with its direct and wholesale channels being supplemented more recently with own retail stores, which now total over 60 and offer customers full click and collect options. The business has stayed true to its country roots with a continued presence at a broad range of country and equestrian shows as well as in specialist independent stores nationwide, whilst its blue-chip 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, particularly in the US, Germany and Asia. The business has also expanded its product offering into new categories and gifting ranges including bed, bath, kitchen and garden.
The business will continue to be led by chief executive and founder Tom Joule, alongside managing director Colin Porter.
The deal was transacted by LDC’s Nottingham team of Andy Grove and James Robinson, with support from Richard Whitwell and John Garner. Andy Grove and John Garner will join the board with immediate effect.
Grove says: “In Joules we are partnering with a high-quality management team in a business which embodies the unique style of British country heritage. 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.”
Joule says: “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.
