UK - Duke Street makes Simple 2.7x return on £240m exit

Solihull-based Simple offers a one-stop shop of natural beauty products focusing on skincare, hair care and body care. The business employs around 60 people.

As reported by unquote" in October, Duke Street had been looking to sell the business for a price of around £250m, appointing Goldman Sachs to run the sale process.

Under Duke Street's ownership, Simple sales have grown at 15% per year to £61m in 2008. At the time of investment in 2003, the company had an 8% market share, which has now increased to 15%, according to the private equity firm.

Duke Street acquired Simple in 2003 as part of the £225m purchase of Accantia from ABN Amro Capital. Duke Street paid £75m for an undisclosed majority stake in the firm, and a £150m debt facility was arranged by Bank of Scotland Corporate Banking.

Accantia owned Simple as well as feminine hygiene business Lil-lets, which Duke Street sold seperately in late 2006 for £80m in a management buyout by Electra Partners.

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