Duke Street and Europa Capital exit Sandpiper

The consortium was led by investment management firm Ravenscroft and includes several of its clients, such as Bailiwick Investments and Sealyham.

Duke Street stated it had helped grow the company by adding on new brands such as Jack Wills, Crew and Hotel Chocolat.

Duke Street initiated the deal and held 44% of the company. Europa Capital and other investors held another 44%, while the company's management owned the remaining stake.

The original investment was made from Duke Street's sixth fund. The remaining investments from the vehicle are QCNS, Wagamama and The Original Factory Shop. The GP partially exited Oasis, but still holds a minority stake in the business.

Previous funding
Duke Street and Europa Capital, together with other unnamed investors, acquired Sandpiper in July 2007. They delisted the company from AIM for 100 pence per share in cash, representing an enterprise value of approximately £401m.

Bank of Scotland provided a debt package worth £263m to support the 2007 deal.

Company
Established in 2002, Sandpiper is a retailer that operates 55 stores in the Channel Islands and nine internationally, including franchises for M&S, Iceland, Costa Coffee, Jack Wills, Crew Clothing, Moss Bros, Hotel Chocolat and Greggs.

Adviser
Vendor – Canaccord Genuity (Corporate finance); DLA Piper (Legal).
Acquirer – Carey Olsen (Legal); BDO (Tax).

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