Piper shears Celtic from its portfolio

According to a statement released by Piper, following a new injection of capital in early 2013 as well as a restructuring and team expansion effort, the challenging market conditions led to poor demand for the retailer's new product. The company founders decided to buy back the company and finance a new strategy.

Previous investment
Piper first invested in Celtic in May 2011, according to unquote" data, picking up a minority stake. The investment was made via Piper's fourth fund, which raised £60m.

Company
Celtic is based in Newquay and specialises in producing footwear, outerwear and clothing from natural materials.

When Piper invested, the company was generating sales of £8m.

People
Libby Gibson, George Adam and Rory Gibbs worked on the initial deal for Piper.

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• Topics
• UK / Ireland
• Exits
• Consumer
• Piper Private Equity
• United Kingdom