LDC lists Joules on AIM

The listing generated £53m of gross capital gains for LDC, representing a money multiple of 2.4x. It saw 7 million new and 41 million existing shares being placed. Following the IPO, LDC reinvested for a 7% stake in the company.

LDC claims it has reaped £800m in total exit proceeds over the last 18 months following this exit.

Of the £77.5m in gross proceeds, £11.5m will be used to pay down the group's outstanding shareholder loan and the balance will be paid to selling shareholders.

The business plans to open more stores in the UK and Ireland, to grow the international business and to increase the product range.

Previous funding
LDC backed Joules with a £22m investment in exchange for a minority stake in November 2013.

Between 2013-2015, Joules increased revenues by 50%, driven by its store roll-out from 61 to 98, and increased sales within its wholesale accounts and online. In the same period, international revenues grew to £10.6m. LDC stated it had encouraged investments in the group's infrastructure, including supply chain, IT, international sales support offices and staff.

Company
Founded in 1980, Joules is headquartered in Market Harborough, Leicestershire. The company operates retail stores and is stocked by several wholesalers, including John Lewis, Harrods and Selfridges.

Joules was initially established as a fashion retailer focused on a British country heritage style. The company recently expanded its product base to offer homeware such as bedding, crockery and cushions.

Revenues and EBITDA for 2015 stood at £116.4m and £10.7m, respectively.

People
LDC – Martin Draper (CEO).
Joules – Tom Joule (founder).

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• Exits
• UK / Ireland
• Consumer
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