Piper raises £107m to invest in consumer businesses
Equity firm plans to continue investment in consumer brands
Private equity firm Piper has raised £107m in investment at its final close – exceeding its target of £80m in its fifth funding round and almost doubling its previous investment fund.
According to Piper, whose investments have helped brands Boden, Pitcher & Piano and Maximuscle to become household names, the new fund will continue to focus on management buy-out (MBO), management buy-in (MBI) and growth capital investments in the retail, leisure, consumer products and services sectors, targeting businesses with a £5m -50m turnover.
Investors in the fund include the global funds business Adam Street Partners, Wittington Investments – the majority stake owner of Associated British Foods, and a range of high net worth individuals such as Charles Dunstone, founder of Carphone Warehouse.
In May 2011, the company announced the sale of soft drinks firm Bottlegreen to SHS for around £30m – making a 5 times return on its investment in just four years.
Chris Curry, managing partner of Piper, said: “We are delighted to have raised this fund so quickly in such a difficult economic environment. The large majority of existing investors have continued to support us and we have attracted some very high quality new investors.
“We now have the resources to help the next wave of emerging consumer brands to fulfil their potential. We achieve this by partnering high quality management teams and carefully nurturing these businesses through their adolescence.”