The Rug Company acquired by Palamon Capital Partners
Livingstone’s Consumer team has advised the management team of The Rug Company on the acquisition of a majority stake in the business by Palamon Capital Partners, a pan-European growth investor. The Rug Company is a leading global brand in luxury handmade rugs with an established international sales presence through 10 own showrooms and a number of franchise and concessions worldwide, generating sales of £23 million ($35M USD).
Founded in 1997 by husband and wife team Christopher and Suzanne Sharp, the Company produces a range of more than 300 high-quality, contemporary rugs which are crafted entirely by hand, using traditional weaving techniques. The Company, which since 2008 has been backed by Piper, the leading specialist investor in consumer brands, operates in the £3 billion ($4.6B USD) luxury & affordable luxury segment of the global rug market. It has built a strong reputation for design, based on its own in-house collection and through ranges developed in collaboration with iconic designers such as Alexander McQueen, Diane von Furstenberg, Kelly Wearstler, Paul Smith and Vivienne Westwood.
Pascal Noth, Partner of Palamon Capital Partners, said: “We are delighted to be partnering with The Rug Company – a market leading brand in a niche retail sector with excellent growth dynamics. The Company has established a strong brand name in key global markets and is consistently recognized by interior designers for leading design and quality. With consumers increasingly seeking hand-crafted quality products with heritage we see fantastic potential in scaling the business from the strong base established by Christopher and Suzanne, into a truly global company.”
Robin Harding, CFO of The Rug Company added: “The team at Livingstone provided exceptional knowledge and expertise to support us through the process adding real value at each stage. Above all their wealth of experience and practical approach to achieving results whilst fully understanding the sensitivities of all parties made a huge difference.”