COMPO SANA® has once again been awarded "Brand of the Century"! The Zeitverlag Group honours outstanding brands that impress with consistency, innovation and future viability in their category. We are very pleased that COMPO SANA® has once again been awarded this prestigious title. It underlines their uncompromising commitment to quality and goal of putting the needs of consumers first.

CEO Stephan Engster and Andrea Strein, Chief Sales Officer of COMPO, accepted the award at the headquarters in Münster. 

COMPO SANA® sets standards in quality and performance:

• Immediately effective starter fertilization for a perfect nutrient supply
• Natural breathing flakes for a loose, airy structure
• COMPO root activator for fast growth

Thanks to the unique composition, COMPO SANA creates optimal conditions for the healthy growth of house, balcony and garden plants!

Suir Engineering Ltd., one of Europe’s fastest-growing engineering services providers, has announced the acquisition of Taylor & Fraser, a leading mechanical & electrical engineering business operating in Scotland for more than 100 years.

The news follows the recent launch of Suir Engineering’s first UK offices in London and Manchester as it expands its operations, and customer base, in the UK market. With a strengthened local presence, Suir Engineering is improving its ability to serve clients in the UK, capitalising on new business opportunities and bolstering its position in the competitive engineering sector.

Taylor & Fraser, headquartered in Paisley, has been operating as a family-run business for 114 years, providing mechanical & electrical engineering and construction services across a wide range public and private businesses and organisations.

“The acquisition of Taylor & Fraser is part of our ambitious growth strategy,” said John Kelly, CEO of Suir Engineering.  “The team brings with it a wealth of mechanical and electrical engineering (M&E) expertise, and an outstanding legacy built over three generations of this highly regarded family business.

“The acquisition strengthens our presence in Scotland and across the UK, allowing us to build on established local market relationships while providing a platform for future growth.  We now have a UK presence at three key locations and have further plans for expansion in line with the multi-billion pound market demand that we are seeing in our sector.”

Like Suir Engineering, Taylor & Fraser has an outstanding reputation for its M&E standards and highly skilled workforce, and the acquisition makes Suir Engineering well-placed as one of the few Irish engineering contractors with a Scottish entity.

Taylor & Fraser will become a Suir Engineering company but will continue to operate under its existing name. There will be no impact on the 180 employees.

Scott Taylor, Director of Taylor & Fraser, said: ”We are delighted to become part of a thriving international engineering enterprise that will ensure Taylor & Fraser remains at the heart of providing mechanical and electrical engineering services in the UK for generations to come. We are extremely proud of our heritage which has stood us in very good stead for 114 years. Our clients have always rightly expected the highest standard of services and we know that operating within the Suir Engineering group will give clients great confidence that it will be business as usual and quality of service will be maintained.”

• ForLife Group is a European medical device developer, manufacturer and distributor for stoma care, previously owned by GHD
• In parallel, Duke Street also acquires the assets of Trio Healthcare, adding a new, innovative product technology to complement ForLife’s existing portfolio
• Deal marks Duke Street’s second healthcare acquisition this year

We are delighted to announce that we have completed the acquisition of ForLife Group (“ForLife”), specialists in ostomy care products operating in Germany and the UK.  

The acquisition of ForLife from GHD GesundHeits GmbH (“GHD”), Germany's largest outpatient health, therapy and service company, marks our fifth consecutive corporate carve-out since 2019. 

The sale includes ForLife’s development and production centre in Berlin, as well as the distributor Oakmed in the UK. Following the divestment, GHD and ForLife will remain close partners and continue to serve ostomy patients in Germany. 

Founded in Berlin in 1990, ForLife designs, develops and manufactures high-quality medical devices and aids with a core focus on stoma care. They work closely with patients and healthcare professionals to improve people's health and quality of life with ostomy as well as continence, nutrition and wound care needs. 

To complement the purchase, we have simultaneously acquired the assets of Trio Healthcare Ltd (“Trio”), specialists in stoma care based in Yorkshire, England. This includes the Genii™ stoma bags, containing the unique Sil2 Breathable Silicone Technology®, which will now be available to a much broader population of patients.

These acquisitions together will create a player of growth and scale in the ostomy care market. Our investment into ForLife will further strengthen its product development and substantially increase its distribution capabilities, supporting its ability to reach more ostomy patients in European markets. 

We have a long and successful track record of investing in and growing healthcare businesses. Since 1997, we have invested more than €600m in the sector, backing talented management teams to deliver significant value for its investors. 

The acquisition of ForLife and Trio is our second healthcare acquisition this year. In August we acquired the medical diagnostics service provider Agito Medical in a carve-out from Philips. 

Our current healthcare portfolio also includes Kent Pharmaceuticals, a UK and Irish distributor of specialty generic drugs, which we bought from DCC Healthcare in 2019. 

For this most recent transaction, Houlihan Lokey acted as the debt adviser, LEK and A&M as commercial and financial diligence providers (respectively), and Macfarlanes and Ashurst as legal advisers. 

The financial terms of the transaction have not been disclosed.

Congratulations to Great Rail Journeys for winning The Times Travel Award for Best Guided Adventure Operator this year. This is a reflection of the hard work and dedication of the team who continue to provide award winning tours to all their customers.

On behalf of Focus Money, Deutschland Test and the Hamburg Institute for Management and Economic Research (IMWF) examine which companies in Germany stand for the highest ecological, economic and social responsibility among consumers every year on the basis of an extensive, scientific data analysis. As in 2023, COMPO received the full score of 100 points and was voted the industry winner for sustainability 2024.

“Together with our retail partners, we are delighted to have once again been recognized as the winner of “Germany's Best Sustainability,” says Stephan Engster, CEO of COMPO. “After many years of consistent focus, we are perceived by end consumers as the most sustainable brand in our industry. This recognition not only confirms our course, but also motivates and obliges us to further expand our role as a green leader with the best innovative and sustainable solutions for our customers and nature.”

COMPO says it is aware of its responsibility for the environment and nature and towards its employees, partners and customers. Sustainable and responsible action is firmly anchored along the entire value chain: from high-quality and renewable raw materials that are sourced regionally and come from the circular economy wherever possible, to a sophisticated decentralization strategy and a multi-award-winning packaging concept, to a broad product range and supplementary services for retailers and consumers

In order to find “Germany's Best Sustainability”, the sustainability reputation of a total of 15,000 companies was examined in a multi-stage analysis process based on several million online responses. The results show which companies are pioneers in ecological and social commitment from a consumer perspective. The respective industry winners receive 100 points and thus set the benchmark for all other companies in their category. “The study shows that our promise of quality, a complete range of innovative and ecologically compatible solutions and the highest standards of user-friendliness pay off and create trust among the relevant target groups,” says Engster.

Duke Street is pleased to announce that it has agreed to acquire AGITO Medical, carving the business out from Philips. AGITO is a leading medical imaging solutions provider, supporting healthcare practitioners by providing access to high-quality imaging equipment as well as radiography staffing services.

This deal reflects Duke Street's commitment to supporting businesses in the healthcare ecosystem, where it has a long track record of investing in growth and expansion across services and geographies.

AGITO Medical was founded in 2004 in Aalborg, Denmark, with a mission to offer healthcare practitioners and their service providers cost-efficient imaging equipment and spare parts. 

The company offers hospitals and clinics a flexible and tailored rental service of high-quality mobile imaging equipment across CT, MRI, and CathLabs, with or without additional services such as staffing. AGITO proudly has the latest mobile magnetic resonance scanning products in its large fleet, including a state-of-the-art helium-free solution. AGITO’s expert team manages the full lifecycle of its inventory on behalf of clients, from second-hand purchase to rental, resale, and repair. 

Since Philips acquired AGITO in 2018, the business has grown significantly and expanded its operations to multiple international markets, delivering rental solutions across 10+ countries, including Germany, France, Ireland, and the United Kingdom. Today, the company has 47 employees and a fleet of nearly 50 rental units. This makes AGITO one of Europe's top three medical imaging rental businesses.

The acquisition of this top European business by Duke Street comes at a pivotal growth point within the healthcare sector. Europe's medical imaging rental market is currently worth approximately €500m. It is predicted to grow by 6-7% over the next few years as diagnostics are a critical first step in clinical pathways. Duke Street’s injection of investment into AGITO will further strengthen its capability and capacity to provide both quality equipment and highly skilled radiographers, ensuring the business can address the complex needs of healthcare providers today. 

Duke Street has a long and successful track record of investing in and growing healthcare businesses. Since 1997, it has invested a total of €600m in the Healthcare sector. In September 2022, Duke Street sold the medical instrument business Medi-Globe Group to DCC Healthcare, a subsidiary of FTSE 100 listed company DCC plc, for an enterprise value of approximately €245m. 

Other successful healthcare exits by Duke Street include its investment in oxygen-therapy provider Baywater Healthcare (sold in 2017), generating a total cash return of more than 6x and 85% IRR for Duke Street and its investors.

Duke Street’s current healthcare portfolio companies include Kent Pharmaceuticals. In 2019, Duke Street led a carve-out of Kent from FTSE 100 conglomerate DCC plc. Since then, Kent’s EBITDA has tripled.

James Almond, Managing Partner at Duke Street, commented:

“We are very pleased to acquire AGITO, a market-leading business that we believe represents a significant opportunity for Duke Street and our investors. Our investment in AGITO represents a classic Duke Street deal: a carve-out from a globally recognised business, acquisition of an excellent healthcare product and a talented team that we back, fuelled by an investment programme that will create value for all. This business has great potential to scale further and cement its position as a core partner to public and private health systems across Europe. The Duke Street team and I look forward to working closely with the team at AGITO to realise that opportunity.”

COMPO has joined the United Nations Global Compact Initiative (UNGC) and the UN Global Compact Network Germany. In doing so, COMPO is underpinning its responsibility as a green leader in the industry and setting a further example that will hopefully be followed by many of its market companions. Membership of the world's largest sustainability initiative is an important step in the company-wide ESG programme. By signing up, the leading supplier of branded products for plants in the home and garden in Central Europe is emphasising its commitment to aligning its business activities with the ten universally accepted principles of the UN Global Compact on sustainable and responsible business and development. In addition, COMPO makes its activities and measures transparent in regular progress reports in the UN Global Compact database. 

"By joining the UN Global Compact, COMPO is underlining its commitment to responsible action and sustainable management along the entire value chain. Human rights, labour standards, environmental protection and anti-corruption are important areas of action in our ESG programme and are firmly rooted in our corporate culture," explains Stephan Engster, CEO of COMPO. Like the UN Global Compact, COMPO's ESG programme is also aligned with the Sustainable Development Goals (SDGs) of the United Nations. "With our membership, we are consistently implementing measures for ecological, social and societal management." 

The company-wide commitment will be available in the form of annual progress reports in the UN Global Compact database. Alongside sustainability, quality and partnerships, transparency is one of the central principles of COMPO's ambitious ESG programme. "As a green leader in the industry, we are committed to transparent sustainability reporting in accordance with recognised standards. In future, this will be supplemented by the UNGC progress reports available in the UN Global Compact database," says Stephan Engster.

We are proud to share that our portfolio company Kent Pharma has been recently selected as one of the best places to work in the UK by the Sunday Times.

Kent Pharma, a market leading specialty pharmaceutical business based in Ashford, Kent, has endeavoured to improve things for its 84-strong workforce with an annual employee engagement survey and a transparent “You said, we did” summary of commitments it kept. Mentorship programmes and access to a free learning platform keep careers in good shape, supplemented by Wellness Wednesdays and private medical insurance.

Suir Engineering, one of Ireland’s leading engineering services providers, has released details of its financial performance for 2023 reporting a turnover of €429 million, representing 41% year over year growth. CEO of Suir Engineering, John Kelly, has confirmed that the company improved its liquidity base over the past 12 months and operated profitably, achieving an EBITDA of 5%. The latest financial results affirm Suir Engineering’s position as one of the largest providers in its sector.

The business, which provides mechanical, electrical, instrumentation and high-voltage engineering services, marks 40 years in business this year with an international footprint that extends beyond Ireland to Sweden, Denmark, Germany, and more recently, the UK and Finland. Ireland remains a crucial market for Suir Engineering and over four decades, the business has developed longstanding relationships with a significant client base across multiple sectors.

In addition to its work in its chosen sectors of Pharmaceutical, Life Sciences and Data Centres, Suir Engineering has grown its project portfolio in Energy Power & Renewables (EP&R). “Our EP&R business has operated for over 20 years and has quadrupled in size in the last six to a division now generating €120 million per year, carrying out ground-breaking and first-of-a-kind electrical power projects across the UK and Ireland,” said John Kelly.

We are marking our 40 year anniversary in 2024 and already, it’s shaping up to be our strongest ever given the €500 million order intake last year. This is a testament to our highly-skilled workforce and a demonstration of the confidence our clients have in our work and our people. Having closed the 2023 management accounts, we’re really pleased to be able to lay such strong foundations for 2024 and are optimistic that we will achieve another record-breaking performance, with new opportunities on the horizon.”

Kelly confirmed that Suir Engineering will further expand its employee base, increasing it from over 1,500 to more than 1,700 in 2024, aligning with and supporting the company’s growth strategy for 2024 and the years ahead.

Source: https://irishbuildingmagazine.ie/2024/02/28/suir-engineering-reports-record-breaking-financial-performance-as-it-marks-40-years-in-business/ 

Congratulations to our portfolio company Kent Pharma who have recently been awarded a Gold Sustainability Rating which puts them in the top 5% of companies assessed.

Kent Athlone Pharma Group, a European Speciality Pharmaceutical company, has secured a Gold Sustainability Rating from EcoVadis following an assessment completed in December 2023.

As a company, Kent Athlone Pharma Group is highly committed to meeting its obligations to Environmental, Social, and Corporate Governance (ESG), and in 2023 chose to undertake a rigorous external assessment performed by EcoVadis. According to EcoVadis, almost half of the top 25 pharma/biotech companies have engaged with the EcoVadis assessment methodology.
 
The EcoVadis assessment is described by the company as “an evaluation of how well a company has integrated the principle of sustainability/CSR into their business and management system”. EcoVadis is the world’s most trusted provider of business sustainability ratings, providing detailed assessments of business’ environmental, social, and ethical performance. Based on leading standards, such as GRI, UNGC, and ISO 26000, the rating is supervised by an international scientific committee. EcoVadis ratings have been tested on over 100,000+ companies across 200+ industries and 175+ countries.
 
Kent Athlone Pharma Group, received a “Gold” Sustainability Rating in December 2023, placing the company in the top 5% of companies assessed and rated, with an “Advanced” rating received in the four EcoVadis assessment pillars of: Environment, Labour & Human Rights, Ethics and Sustainable Procurement.
 
“We are proud to have received a Gold Sustainability Rating, which underlines the commitment of the company, and to every one of our committed employees to high standards in everything that we do”. Terry Petersen, CEO.

The Original Factory Shop has opened its 200th store following a year of rapid growth.

The variety discounter is on track to have opened 25 stores in the course of 2023, with plans to expand its presence on major high streets and open even more stores next year.

Many of the new stores will take over sites formerly occupied by M&Co, which closed 170 branches after falling into administration last year.

The Original Factory Shop was founded in 1969 and currently employs over 2,000 people, having created 200 job opportunities with store openings this year.

Its estate shrank from about 220 branches to 170 after it entered into a company voluntary arrangement to restructure the business in 2018.

The retailer reached the landmark of 200 again with the opening of a store in Ringwood, Hampshire, on 18 November.

Managing Director of The Original Factory Shop, Phil Briggs said:

“To have grown so quickly over the last few years is testament to both our colleagues and customers. The opening of our 200th branch is the latest milestone in our expansion plans and like all The Original Factory Shop stores it will benefit from great product choice and delivering good value.”

As a testament to their unwavering commitment to health, safety and excellence in everything they do, Suir Engineering picked up two awards at the NISO Annual H&S Awards 2023. These awards are a recognition of continued focus on maintaining the highest standard of Health & Safety on Suir’s sites across Ireland and Europe.

Suir Engineering received the Consistent High Achiever Award and Higher Distinction Award.

Well done Kent Pharma CEO Terry Petersen on securing the title of Most Influential Pharmaceutical Products Development & Supply CEO 2023 – UK from CEO Monthly. Read his interview here.

Whether for environmental or nostalgic reasons, or simply because trains are so much more relaxing than planes, rail holidays have surged in popularity in recent years. Many people are prepared to make the investment in – or a virtue of – the extra time it takes to get to places by train. Many of course are happy to travel independently, but Great Rail Journeys serves those who prefer to be looked after. A second-time winner in the Best Rail Operator category, the company is celebrating the 50th anniversary of the first tour organised by its founders. During that half century, it has gradually expanded its programme of escorted journeys to meet the growing demand. Its imaginative programme – which includes a Complimentary Luggage Service so that you won’t have to handle your suitcase while travelling – now stretches from European favourites like the Swiss Glacier Express to the Indian Pacific in Australia and India’s Golden Triangle. In the UK its most popular tours include Railways and Castles of Wales and Vintage Railways of the Isle of Man. It also operates a programme of river and small-group barge cruises, and a tailor-made rail service for those who want a more bespoke itinerary or prefer not to travel in a group.

COMPO's packaging made of recycled materials has been setting industry standards for years and has already won several prestigious sustainability awards. The packaging solutions are not conventional reusable solutions, as is the case in the beverage industry, for example, but packaging concepts that focus on one hundred percent recyclability in addition to the highest possible recyclate content.

Together with PreZero Polymers, COMPO achieved the final breakthrough in the optimization of liquid fertilizer bottles. For this, both companies were honoured at the international "Plastics Recycling Awards 2023" in the "Plastic Packaging Product" category.

The Plastics Recycling Awards Europe are presented annually in Amsterdam. The award winners are examples of progress in the recycling-oriented use of recycled materials, product design and innovative production.

PreZero Polymers and COMPO were rewarded with the award in the "Plastic Packaging Product" category for the joint further development of COMPO liquid fertilizer bottles. Both have worked consistently to find solutions to increase the use of post-consumer recyclates in the liquid fertilizer bottles to 100 percent. The enhanced liquid fertilizer bottles will replace the current packaging in the future. PreZero and COMPO have succeeded in finding a solution that reconciles the highest ecological demands with customer benefits and manageability.

“Responsible and sustainable solutions are firmly rooted at COMPO. People in the company have always been conscious of our responsibility for the environment. We offer our customers high-quality organic solutions in all areas.”

Stephan Engster, COMPO CEO

Plastics Recycling Awards Europe 2023

We are pleased to present our Year in Review highlighting our two new recent investments and two realisations.

Click here to read more about these and other Duke Street news.

“Everyone has a plan until they get punched in the mouth”. I was reminded of those words while looking back at my year as BVCA chair and considering how some significant events impacted on my plan for the key priorities that would shape my year. We saw unprecedented upheavals in the political landscape. That has resulted in some changes in the stakeholders we are dealing with and a refocusing of our engagement with them. However the BVCA is used to working with all political parties to address their priorities while making sure they understand those of our industry and we will continue to do so.

We saw the war in Ukraine and aftershocks from the pandemic creating a much worse economic outlook - rising inflation, higher interest rates, risk of recession. Clearly this will challenge many of our portfolio companies, but private capital’s active ownership model is well suited to dealing with such challenges. That model was seriously tested during the GFC, and the result was continued outperformance of private capital over public equity. And beyond that there will be really attractive investment opportunities – just as the private capital vintages immediately following the GFC were very strong. I also believe we will see investors continuing to allocate capital to our asset class over the next cycle - because the return outperformance that private capital delivers is a key part of their asset allocation strategy and helps them in turn deliver stronger returns for their investors, including millions of pensioners across the UK.

Alongside dealing with these developments, over the year we have made solid progress in communicating the reality of the private capital business model and the positive impact of private capital more generally.

Over the year, we have released a number of rigorous and robust reports that help to support the fact that private capital’s consistent outperformance of public markets is driven by long term investment in growth and creation of more resilient, higher quality businesses as opposed to cutting investment or costs. So there is more evidence out there to evidence the beneficial impact of private capital in our economy and communities that we are using to communicate that message clearly to stakeholders in politics, regulators, and the media.

Over the last year it has been a privilege to serve as chair of the BVCA working with the strong, committed team. I look forward to continuing to work with my successor, Garry Wilson, and the excellent BVCA team over the years ahead.

This year marks the 40th anniversary of the BVCA’s foundation - 40 years of delivering world class training and events, of providing key technical and regulatory input and essential focused advocacy for our members. Over those 40 years the scale, capability, and impact of the BVCA has grown massively in lockstep with the private capital industry that we represent. I’m sure that both the private capital industry and the BVCA will still be thriving 40 years ahead.

Listen here to Charlie’s podcast reflecting on his year as BVCA Chair.

Read the article on the BVCA website here

Charlie Troup
Managing Partner, Duke Street, and BVCA Chair 2022-23

Headquartered in Waterford, Ireland, Suir is currently owned by EDF Energy Services, a joint venture between the French energy group EDF and Dalkia, an energy services and facilities management subsidiary.

Paul Adams, Partner at Duke Street, commented:

“We are delighted to acquire Suir Engineering, a market-leading business that is a great fit for our investment program and an exciting opportunity for Duke Street and our investors. The Duke Street investment team has previous successful experience in industrial services as well as Suir’s underlying sectors. Equipped with a skilled workforce, cutting-edge technology and a healthy pipeline of projects, Suir has significant growth potential in Europe across all of its highly attractive end sectors. We have been impressed with Suir’s growth strategy and we look forward to actively supporting the existing management team in delivering their ambitious plans.”

Michael Kennedy, Managing Director, Suir Engineering, said:

“We at Suir are looking forward to partnering with Duke Street who share our vision, values and ambition. Together, we will accelerate Suir’s growth by expanding the business proposition to include more international work in key client sectors such as technology, renewables and life sciences facilities. We believe this will consolidate our position as a leader in the provision of mechanical, electrical and instrumentation engineering services that are expertly delivered by our very experienced team.”

Duke Street invested in the business in 2016, following a two-year period of origination focussed on the medical devices sub-sector. The transaction was complex, with a complicated shareholder structure in place, and the deal took close to a year to execute. 

Since acquiring the business, Duke Street has backed the highly experienced management team – who will continue to lead the business post-transaction – to execute a strategy based on launching leading new products in its core therapeutic areas, and to consolidate and extend Medi-Globe’s international reach. Together with management, Duke Street’s stewardship of the business has driven significant operational improvement and accelerated growth rates of new products and into new markets. This work was alongside strategic refinement such as the sale of the non-core hospital supplies division Asid Bonz earlier this year to Medline International.

Charlie Troup, Managing Partner at Duke Street, commented:

“We are very pleased to announce the sale of Medi-Globe. Under our ownership, management has delivered a significant transformation across the business, involving investment across R&D, sales and marketing, and manufacturing. The positive development in business quality and growth has been recognised by DCC who see Medi-Globe as a key element of their strategic drive into healthcare. Our investment in Medi-Globe represents a classic Duke Street deal: an attractive entry multiple we delivered by seeing through a complex process; working with exceptional management to invest in growing the business swiftly and successfully during our period of ownership; and adding international expansion and securing an exit to trade, taking Duke Street’s recent record to twelve trade sales out of our last fifteen exits.” 

Martin Lehner, CEO at Medi-Globe Group, commented:

“Medi-Globe is now performing strongly both financially and operationally, driven by the ongoing successful execution of our growth strategy. Duke Street has been a hugely supportive owner, developing that strategy with us and investing in the key resources to drive our position as a leading player in single-use endoscopy devices for the gastroenterology and urology sectors globally.”

Duke Street is proud to announce the acquisition of another business by COMPO, Europe's leading supplier of branded products for the home and garden. The business, Heinr. Propfe Chem. Fabrik GmbH, is a highly specialised family-owned business that develops and produces innovative fertilisers using natural and organic raw materials. This deal follows the recent COMPO acquisition of Störk GmbH, a producer of ecologically sustainable potting soils.

"Heinr. Propfe Chem. Fabrik GmbH is a highly specialised family business and stands for extraordinary expertise in the premium quality organic fertiliser segment," COMPO Group CEO Stephan Engster commented "Joining the COMPO Group is a further step in our defined sustainability strategy and makes a valuable contribution to the expansion of our eco-sustainable product range – always in keeping with the COMPO quality guarantee. Customer benefits are always at the centre of the strategy. After all, environmental awareness, climate protection and sustainability are already a constant and firmly established part of the everyday lives of many hobby gardeners." Across Europe, organic products already have a revenue share of about 30 per cent in the market for soils, fertilisers, lawn care and plant protection. "It is reasonable to assume that this share will rise to more than 50 per cent across Europe. Organic is becoming the new normal," says Engster.

A-ROSA has received a prestigious 2022 ‘German Award for Sustainability Projects’, winning the ‘Service – Transport’ category for its ground-breaking new ship, A-ROSA SENA.

These awards honour companies and organisations that have shown outstanding commitment and pioneering contributions to sustainability. They focus on the 17 Sustainable Development Goals of the United Nations (SDGs) and their goal is to highlight sustainability at all levels, eventually inspiring others to start sustainable projects.

Commenting on the accolade, Jörg Eichler, CEO of A-ROSA Flussschiff GmbH said: “We are so proud to have received this award! Sustainability has always been important to us as river cruises are nothing without the incredible destinations they sail through. A-ROSA SENA takes things to the next level and plays a key role in our ambitious sustainability strategy. Her launch is a significant milestone for us in our aim to become the most sustainable river cruise operator on Europe’s rivers. Playing our part in protecting our planet for future generations is incredibly important to us.”

A-ROSA SENA has been designed and built with sustainability at its core from the very outset.  From the hardware and sailing technologies that reduce emissions, to waste management, destination protection and social responsibility – she is the first in a new generation of ships from A-ROSA. Her ‘E-Motion’ concept is truly innovative, combining a diesel engine and a separate electric motor, which is powered by batteries. When approaching a port, the ship can switch to battery power, arriving silently and emission-free, thus reducing water, air and noise pollution. The vessel is equipped with a shore power connection, meaning the battery can be charged overnight. Her optimised hull design helps decrease energy consumption and she is the first river cruise ship in Europe with the ability to generate electricity from exhaust heat.

Sandra Wendland, sustainability manager at A-ROSA Flussschiff GmbH adds: “Our partnership with the world renowned Fraunhofer Institute is enabling us to create a roadmap for the future that makes us accountable and ensures we deliver on our sustainability goals.”

We are delighted that our portfolio company Teamsport, the largest indoor go karting company in the UK, has made the UK’s Best Workplace once again in 2022.

Read more here to find out why and how they deserve this fantastic award:

https://www.greatplacetowork.co.uk/workplace/item/3686/TeamSport+Indoor+Karting

COMPO is constantly working on improving products and services and has been offering sustainable organic, high-quality products for a long time. With the successful öko balance line, COMPO is right in line with consumer trends. Together with Duke Street, COMPO will continue to improve its ecological footprint and focus even more strongly on activities for the sustainable design of our living space.

The integration of Störk GmbH supports our strategy of decentralized regional production. Regional production creates short distances to our trading partners and thus, makes a significant and measurable contribution to a further sustainable reduction in CO2 emissions and to climate protection.

Stephan Engster CEO of COMPO:

“Störk GmbH produces products of excellent quality and, in addition to very good manufacturing processes, has a first-class team of employees. The company and products are fully certified and meet the highest demands of trading partners. Together with Cordula Schmude and her team, we will continue to develop the company and can also count on the support of COMPO’s controlling shareholder Duke Street. The development of ecologically sustainable products and continuous improvement along the supply chain are of particular concern to all of us. The many years of trusting and successful cooperation between our companies has made the decision easier for all parties and stands for positive continuity.”

Cordula Schmude MD of Störk:

"We are pleased to be able to further expand our success story as a new member of the COMPO Group. The aim is to use the expertise and financial strength of the COMPO Group to deliver our promise of high-quality products and services to our long-term customers and partners of the company on an even stronger footing going forward, not only regionally, but now also nationwide.”

In terms of sustainability, COMPO SANA® potting soil, again recognized as German Brand of the Century, comprises soils which have been strictly RPP-certified for years, and consist of over 50% sustainable raw materials while packaging consists of over 60% recycled plastic. The soils, which are unique in their quality, all come from regional production. The company also wants to continue growing its peat-free COMPO organic soil line. In response to current trends, the peat-free organic range is being consistently expanded to include new special soils. In addition, all packaging consists of over 80% recycled plastic.

We are delighted to announce that Charlie Troup has been appointed by the British Private Equity and Venture Capital Association (BVCA) as Chair of its Council for the next year to 31st March 2023. Charlie brings to the role nearly 30 years’ experience in private equity, having supported businesses of all sizes and at all stages of growth. He is a Managing Partner and chair of the investment committee here at Duke Street having joined the firm in 2006.

Charlie has been Vice Chair of the BVCA’s Council for the past year, following 2 and half years as a council member, and closely involved in the association’s work on behalf of private capital. In what has been a busy year for the industry – supporting businesses across the country to weather the final stages of the pandemic, creating thousands of new jobs and leading on a number of high-profile deals – Charlie has already been heavily engaged in the BVCA’s work with both media and government.

In addition, Charlie has also supported the BVCA on its policy focus including how the industry supports the government’s Net Zero targets, how it can continue to improve and evolve its objectives around diversity and inclusion and its involvement in support for future savers following ongoing discussion around DC Pension Scheme investment in private equity and venture capital. These areas, as well as how the industry can play its part in the support of Ukraine, will continue to be priorities for Charlie and the BVCA during the next 12 months.

Charlie said about his appointment:

“I am excited to step up and represent the BVCA’s diverse membership over the next 12 months, following in the footsteps of Kerry Baldwin who has been outstanding in the role. Private equity and venture capital deliver so much for the country. Be it the industry’s unwavering support for SMEs, how it underpins over one million jobs or the part it plays in keeping the UK competitive on the global stage, I am thrilled to be able to advocate on its behalf.”

Michael Moore, Director General of the BVCA, said:

“We are all delighted to welcome Charlie as Chair at the point where our industry looks to increase its support for businesses in all corners of the United Kingdom. I am certain that Charlie’s experience in private capital will be critical this year as we look to further showcase the remarkable work of our members and help them drive growth; providing the capital, expertise and long-term view that enables companies to innovate and flourish.”

Asid Bonz is a leading supplier to hospitals in Germany, offering high-quality surgery, anesthesia, ward-supply and urology products. Asid Bonz was founded in 1811 and is known worldwide for the development of the first anesthetic ether. In 2021, Asid Bonz recorded over €30m in revenues and served over 1,100 hospitals in Germany. 

With similar business models and reputations for outstanding customer service, the two companies have an excellent strategic fit. Looking forward, Medline will make the Asid Bonz brand available outside of Germany to its broad European customer base. Within Germany, the Asid Bonz sales force will have access to Medline products to strengthen their partnership with customers.  

“We are excited to increase our product offering and work with this award-winning organization with a renowned customer focus”, said Tripp Amdur, Medline Europe Group President. “Medline is a relatively new player in urology and anesthesia. This acquisition grows our presence in these areas of the hospital. Asid Bonz’s employees, products and service have a long-standing and trusted reputation and this combination will enable us to better meet the needs of our healthcare customers and become a more valued partner”.  

Martin Lehner, CEO of Medi-Globe Group added: “Asid Bonz is known for its unwavering commitment to its customers, providing high-quality medical products that are used to treat patients every day. We are sure that under the ownership of Medline, Asid Bonz will provide substantial avenues of growth in the future. The sale sharpens Medi-Globe’s focus on our core business, which is the development and marketing of innovative single-use solutions for minimally invasive clinical therapies”.

We anticipate the investment will be completed in May 2022 once merger control approval has been obtained and other closing conditions have been fulfilled.

A-ROSA’s eco-friendly new cruise ship A-ROSA SENA is scheduled to set sail in June 2022. This innovative new ship is ideal for people who love cruising and also want to help reduce the environmental impact. The E-motion ship can come into port in an emission-free manner thanks to battery propulsion. Fuel consumption decreases and this helps keep the towns and cities en route clean. 

Jörg Eichler, CEO of A-ROSA River Cruises, said: “A-ROSA SENA will lead the way in sustainable river cruising and will open up river cruising further to the next generation.”

Click here to read more about how A-ROSA SENA sets completely new standards and surpasses any river cruise ship you have ever seen. 

https://www.arosa-cruises.com/river-cruises/offers/a-rosa-sena.html 

• Voyage Care supports over 3,500 people and has more than 10,000 staff
• The Company has industry-leading quality ratings from the Care Quality Commission
• During its ownership, Duke Street invested in increasing the scale and quality of care

Duke Street, a leading European mid-market private equity group and Partners Group, a leading global private markets firm, acting on behalf of its clients, have agreed to sell Voyage Care (or "the Company"), a provider of specialist care in the UK, to Wren House, the London-based global infrastructure investment manager.

Founded in 1988 and headquartered in Lichfield, Voyage Care provides specialist care and support to people with learning and physical difficulties, brain injuries, autism, and other complex needs across the UK. A large majority of those supported by the Company typically require high levels of support throughout their lives. Voyage Care supports over 3,500 people and has more than 10,000 members of staff. The Company's commitment to delivering the highest quality care is demonstrated by its industry-leading quality ratings. In England, 95%¹ of Voyage Care's registered care homes are rated as 'Good' or 'Outstanding' by the independent Care Quality Commission, which far exceeds the market standard.

Duke Street and Partners Group acquired Voyage Care in 2014 alongside its management team. Key value creation initiatives introduced during the past seven years of ownership include: deepening the healthcare experience of its best-in-class management team with key strategic hires, continuing to invest in increasing its market-leading quality of care, further developing its specialisms, and expanding capacity via developments and select acquisitions. Voyage Care is well-positioned to continue consolidating the specialist care market whilst achieving its purpose of providing great quality care and support to those it serves.   

Andrew Cannon, Chief Executive Officer, Voyage Care, comments:

"Voyage Care has a strong operational and reputational track record which has been driven by the successful execution of our growth strategy. Partners Group and Duke Street have been hugely supportive, investing in the key resources needed to maintain our position as a leading specialist care provider in the UK. We strive to deliver the highest possible levels of care across all our communities, as well as attract and retain the most skillful and dedicated care professionals."

Charlie Troup, Managing Partner at Duke Street, commented:

“We are very pleased to announce the sale of Voyage Care to Wren House. This is a company and sector that we know and understand very well. We have worked closely with management over this most recent and successful seven-year period of the Group’s development, backing the team to invest significantly in expanding the quality of care and support provided. Voyage Care is led by the best management team in the sector, which is continually recognised for its consistently high levels of care across its residential and community operations for over 3,500 people with complex needs in the UK. We firmly believe that Voyage Care has the right foundations from which to build and continue its success story under new ownership. We wish Wren House and the Voyage management continued success with the business"

¹ Data correct as of November 2021

COMPO is a market leader across continental Europe, having established a wide range of technically superior products under one of the most respected and well-known brands in the industry. Its diverse product portfolio offers retailers and consumers ‘bio’ alternatives to traditional gardening product solutions, positioning COMPO ahead of its competitors in terms of sustainability. The organisation owns unrivalled production and distribution infrastructure and has established brands that are widely familiar to distribution customers and consumers alike.

COMPO can trace its roots to the 1950s, and it has been supporting gardeners across Germany and Europe ever since. In February this year, COMPO was recognised as one of the ten strongest product brands in Germany, securing 6th place in the ‘Best Overall Brand’ category at the prestigious Best Brands Marketing Awards.

Duke Street is backing a very strong management team as it seeks to build and consolidate COMPO’s position in the industry across Europe. The team is led by Stephan Engster as CEO of COMPO, who joined the business in 2016 and has developed an exciting growth strategy for the company, which is underpinned by continuous innovation and aligns with Duke Street’s vision for the opportunities presented in the sector.  

The horticulture market has shown strong signs of growth as gardening boomed throughout lockdowns and has accelerated the trend of sustainable-conscious consumers seeking eco-friendly products to tend to their gardens. 

Stephan Engster, CEO, COMPO, said:

“We at COMPO are thrilled to be partnering with Duke Street, who recognised and shared our ambition for this business and together we are ideally positioned to build a diversified European business to better serve our customers and end-consumers. In particular, we have the right blend of experience, ability and vision to accelerate our growth by expanding our reach and providing consumers across Europe with the most extensive range of organic, sustainable and traditional products. After enjoying the support of Kingenta for a number of years, the business is poised for this exciting next stage of its evolution. Sustainability is of particular importance for Duke Street and that aligns perfectly with our careful stewardship of this business and with the growing priorities of our customers and end-consumers.”

Ardent is thrilled to have won ‘Best Sustainability & CSR Award’ at the 2021 Hire Association of Europe (HAE) Awards for its innovative, not-for-profit, carbon offsetting initiative that enables customers to offset the emissions from their hired-in plant for just a few pounds extra a week.

Ardent’s sustainability strategy has four elements:  

1. Reducing carbon emissions – Ardent’s multi-award winning technology platform Site Manager and Ardent Insite are now maturing technologies that have a track record in reducing emissions.
2. Offsetting the balance – Ardent’s carbon offsetting programme, in partnership with leading carbon developer, ClimateCare, enables customers to offset their remaining emissions. Ardent has also offset the emissions from its 55 x HGV fleet meaning that all customer deliveries and collections are carbon neutral.
3. Fleet investment – Ardent is investing in Stage V equipment that has smaller engines, lower carbon emissions, and reduced particulate emissions. In the last 4 years Ardent has invested over £250m in new equipment.
4. Alternative fuel trials – Ardent is trialling electric machines at several locations and HVO as an alternative to diesel

Further details at http://ow.ly/MMCv50ERyf8

Duke Street is pleased to announce that its portfolio company, Kent Pharmaceuticals and Athlone Laboratories, manufacturers and distributors of specialist off-patent/generic pharmaceuticals, has agreed to acquire Dalkeith Group, the UK-based distributor of generic pharmaceutical and over-the-counter (OTC) products to wholesale, pharmacy and supermarket channels.

As of Monday 28th June 2021, Kent will integrate the operations of Dalkeith – namely Dalkeith Laboratories, Herbal Concepts & OTC Concepts – into its growing business. This will see Kent take ownership and responsibility for all sales, marketing and distribution across the Dalkeith portfolio, as well as continue the development of its strong pipeline. Dalkeith brings more than 25 marketing authorisations for generics and OTC products, along with a significant supply of own label products and supplier relationships with retailers such as Superdrug, Morrison’s and Wilko. Both leadership teams have worked closely together to ensure a quick and seamless transition.

The acquisition will enable Kent to further establish itself as a UK market leader in the large, growing and non-cyclical market for generic pharmaceuticals. It will add incremental value to the company’s portfolio of niche, value-added products, helping to better serve customers and patients across the wholesale pharmacy market and the NHS. 

Charlie Troup, Managing Partner at Duke Street, commented:

“The Dalkeith acquisition represents another successful milestone for Kent who continue to execute a compelling growth strategy for the business. Dalkeith brings a diverse product portfolio, an exciting pipeline and robust IP. This makes it a very attractive investment – and one that closely aligns with our strategy of actively pursuing accretive bolt-on acquisitions. We look forward to continuing to actively support the Kent management team in delivering their ambitious plans.”

Debashis Dasgupta, CEO of Kent Pharmaceuticals & Athlone Laboratories, says: 

“We are very pleased to acquire Dalkeith as we continue to drive Kent’s acquisitive and organic growth. Dalkeith is an established name in the industry and offers an exciting pipeline of niche products that will help accelerate our expansion by increasing our reach and providing high quality medicines for meeting patient’s daily needs. Fundamentally, the acquisition of Dalkeith strengthens our portfolio and pipeline and enhances our offering to customers – and this will help us to deliver the next chapter of our long-term growth strategy.”

As a partner and sponsor of the Global Health Challenge, Medi-Globe Group donated to the Masks for Ethiopia project in 2020. The competition, organised by the Technical University Munich, involved students resolving problems that inhibit medical supply in developing countries in the most innovative way. 2020 proved to be the most challenging year yet. Given a theme of “Corona“, students had the opportunity to develop and elaborate new ideas and concepts. The students began working on solutions such as respiratory masks, respirators and protective equipment and it soon became apparent that practical assistance would be the main focus for the students this year.

The winning team came up with the exciting idea to create protective masks from conventional coffee filters. These masks offer the same protection as professional masks. Half a million of these Masks for Ethiopia have already been developed and shipped, thanks to Medi-Globe’s donation. They will be handed over to the Ministry of Health in Addis Ababa to help the people in their fight against the coronavirus, COVID-19.

Read here: https://medi-globe.com/support-for-ethiopia/

Following the suspension of its cruises, A-Rosa River Cruises has donated all the unused perishable goods from its Rhine ships to a charity in Cologne. The charity was pleased to accept the donation and the crew assisted the volunteers who came to collect the goods.

Jorg Eichler, A-Rosa chief executive, said: “We fully support the government’s measures aimed at reducing infection rates and wanted to ensure that, despite the sudden nature with which we had to stop our cruises, the food on board our ships did not go to waste.

“Cologne Tafel is a well-known charity in our Rhine fleet’s home port city of Cologne that supports the local community and we were really pleased that we were able to give something back to those in need in these challenging times.”

A-ROSA AQUA and A-ROSA BRAVA underwent rigorous assessment, achieving particularly high scores in the safety and environmental protection categories. With a strong focus on sustainability across its entire fleet, the shipping company is hopeful that further ships will qualify for the award in the near future.

Established in 1994, on a voluntary basis, the Green Award program encourages cleaner and safer maritime shipping. Since its inauguration, several ships and shipping companies from across the world achieved Green Award certification in the areas of quality, safety and the environment. Effective 2011, the Green Award foundation developed a program for inland shipping, which has been a great success to date and is very popular with inland shipping companies. Criteria such as shore power connections and environmentally friendly wastewater treatment systems are considered to be of particular importance.

The certification of its fleet is a core component of A-ROSA’s comprehensive sustainability strategy. The general reduction of resource consumption, further development of efficient energies and sustainable development of visited destinations’ infrastructure are other elements of the cruise line’s strategy.

Ardent is today leading the plant hire industry by announcing an innovative carbon offsetting programme. In partnership with ClimateCare, the expert at financing, managing and developing climate projects, Ardent is offering a not-for-profit carbon offsetting service to its customers. For just a few pounds extra a week, customers can offset their greenhouse gas emissions and make their hires carbon neutral. Carbon charges are displayed separately to hire charges on invoices and funds are used to offset emissions with carbon credits from Gold Standard projects that are independently verified for their carbon reduction volumes.

As an extra first step, Ardent has paid to offset the 3,600 tonnes of CO2 produced annually by its 55 HGVs, meaning that all customer deliveries and collections are carbon neutral up to the end of April 2021.

Electric machines and alternative fuels, such as hydrogen, will undoubtedly substitute diesel machines at some point in the future, but due to a number of factors, including capital cost, power limitations and access to charging, this shift is currently not possible. In the meantime, while we wait for the right technologies to become a reality, we must take responsibility for our unavoidable emissions today.

Jeremy Fish, CEO said, “I want customers to know that we are totally committed to helping our industry reduce its carbon footprint. Carbon offsetting is a practical, affordable solution for making hires carbon neutral, that can be acted upon today. The investment we have made in offsetting the emissions from our HGV fleet shows our concern and determination to make a difference.”

Robert Stevens, Director of Partnerships at ClimateCare, said, “Clearly, Ardent’s innovative approach is taking a lead in the plant hire sector and we are delighted to be working with them on this very important initiative. Our trademark Climate+Care approach helps organisations take a smart approach to addressing their environmental impacts by offsetting their carbon emissions through projects which also support sustainable development”.”

Jeremy adds, “Carbon offsetting is just one part of the equation. We are equally passionate about carbon reduction. Users of our multi-award-winning Site Manager, which now has over 1,000 users, will already have already seen how they can reduce their carbon emissions and save money at the same time.”

Duke Street is delighted to announce that its portfolio company Great Rail Journeys won Best Escorted Tour Operator at the News International Travel Awards, which was voted for by The Times and The Sunday Times readers. This is another accolade to add to the many awards received over the years for continuing to provide wonderful, first class holidays by rail to over 50 countries globally.

Duke Street congratulates our portfolio company Voyage Care on winning The Specialist Care Provider of the Year 2019 at the Laing Buisson awards. Voyage Care is the UK’s leading provider of support for people with learning difficulties and associated physical disabilities, autistic spectrum disorders, acquired brain injury and other complex needs.

Duke Street, the leading European midmarket private equity group, announces that Great Rail Journeys, acquired by Duke Street in July 2018, has agreed to acquire Vacations By Rail, the largest independent US based provider of escorted and independent rail holidays. VBR’s founder and management team will reinvest as part of the transaction and will obtain a minority stake in the enlarged company. The value of the transaction was not disclosed.

York based Great Rail Journeys offers almost 400 itineraries to over 50 countries globally. Over the last five years GRJ has performed strongly, tapping into new source markets for its rail tours including Australia and more recently the US. In 2018 the business launched a highly differentiated premium river cruise offering which builds upon very strong pre-existing demand for such holidays from within its customer database.

Established in 2004, Vacations By Rail offers US customers the largest selection of independent rail vacations, escorted rail tours, luxury rail journeys and custom train vacations to destinations in North America, Europe and beyond. Major destination areas in the US include the Rockies and West (National Parks), the Pacific Northwest and Alaska as well as New England. Canadian destinations include Western Canada, Quebec and the Maritime Provinces, as well as iconic cross-Canada rail routes. 

The two companies already enjoy a commercial relationship, with VBR marketing a number of GRJ tours to its North American customer base, and this acquisition offers the opportunity to build on existing synergies. The combination of VBR with GRJ is a compelling proposition: it accelerates strategic growth ambitions for both companies, drives operational synergies and brings together a highly desirable and complementary blend of skills and expertise across marketing, product and technology. 

Peter Liney, CEO of Great Rail Journeys, said:

“We have enjoyed for some time a very good working relationship with Todd, Cole and the team at Vacations By Rail. We know they are first class operators and have built an enviable position in North America as the leading independent and escorted provider of holidays by rail. I am delighted to welcome them to Great Rail Journeys and I look forward to working closely with them and their senior team. The combination of our two companies, supported by the corresponding skills and expertise of our two organisations, will greatly increase the choice and enhance the global travel experience for all our customers.” 

Todd Powell, Co-founder of Vacations By Rail, said:

“We are delighted to be growing our partnership with GRJ, building on our strong working relationship to date. The combination of our two companies represents a significant opportunity to grow our footprint in the rail vacation sector domestically and internationally, as well as accelerate into new markets. We look forward to formally becoming part of the GRJ family.”

The transaction was supported by financing from Barings, GRJ’s existing term debt lender.

2018 was a very active year for Duke Street with three new investments with a combined enterprise value of £325m and a successful exit.

Click here to read our Year in Review.

Duke Street, the leading European midmarket private equity group, announces that it has agreed to acquire Kent Pharmaceuticals and Athlone Laboratories (“Kent” or the “Group”), manufacturers and distributors of specialist off-patent/generic pharmaceuticals with locations in both the UK and Ireland. Kent is currently owned by DCC Vital. * 

Kent is a UK market leader in several niche products in the large, growing and non-cyclical market for generic pharmaceuticals, selling primarily to the hospital and pharmacy wholesaler channels. Its portfolio of products is diversified across multiple therapeutic areas, with particular strengths in analgesics, anti-infectives and penicillins. Kent portfolio contains mainly niche, value-added products, which are complex to manufacture. A strong pipeline of new product development opportunities has already been put in place by the management. Athlone Laboratories is a leading European manufacturer of specialist beta-lactum antibiotics based in Ireland.

Duke Street is backing a strong management team at Kent, led by Chief Executive Debashis Dasgupta, who joined DCC Vital two years ago, bringing strong international experience in the Pharmaceutical Industry with previous senior leadership positions in Sanofi and Ranbaxy. Debashis and his leadership team have developed a compelling growth proposition for Kent & Athlone, which aligns with Duke Street’s vision for the opportunities presented in the sector. Duke Street’s strategy will focus on new product development and expansion into other selected branded generic markets across the EMEA region, building further on the highly diversified and scaled specialist generics business it is today. Kevin James, an experienced generics CEO/Chairman, will contribute a strong combination of skills and experience as non-Executive Chairman.

Charlie Troup, Managing Partner at Duke Street, commented:

“We are very pleased to acquire Kent, a market-leading business that we believe represents a significant opportunity for Duke Street and our investors. Pharma carve-outs is a focus thesis area for Duke Street and our investment in Kent represents a classic Duke Street deal: a complex carve-out transaction, backing a talented management team to implement a focussed growth strategy, driven by investment. The transaction and the opportunity are similar to Baywater Healthcare which we carved out from a USA multinational and exited to trade buyers in 2017. Debashis and his leadership team have developed a compelling growth plan for the business. We look forward to working closely with him to support and deliver that plan, alongside Kevin James as Chairman.”

Debashis Dasgupta, CEO, commented:

“We are thrilled to be partnering with Duke Street. Charlie Troup and his Partners have recognised our ambition for this business. Together with Kevin James, we have the right blend of experience, ability and vision to accelerate our growth by expanding our reach and providing high quality generic medicines for meeting patient’s daily needs. After a number of years within the supportive framework of DCC Vital, the business is poised for this exciting next stage of its evolution as a focussed and independent entity with Duke Street’s backing.”

The acquisition of Kent is the third new investment by Duke Street in the last 18 months, following the acquisition of Great Rail Journeys, the world’s leading provider of escorted rail holidays in July 2018; and A-ROSA, the German premium river cruise operator in February 2018.

* The transaction is subject to usual consents and conditions

Around 4,000 staff will share in a £4m bonus pot as part of a payout ordered by the outgoing chief executive, Jane Holbrook, and Duke Street.

https://www.theguardian.com/business/2018/dec/20/wagamama-workers-to-share-4m-christmas-bonus-after-chain-sale-restaurant-group

• One of the largest ever transactions in the UK casual dining sector
• Sale will generate a 3.4x return for Duke Street
• Continues Duke Street’s strong track record of successful exits to trade buyers - 10 of last 12 exits

Duke Street has agreed to sell Wagamama to The Restaurant Group plc, one of the UK's largest independent restaurant groups, which is listed on the London Stock Exchange. Duke Street will sell Wagamama for an enterprise value of £559 million, generating a 3.4x money multiple for the firm.

Wagamama was established in London’s Bloomsbury in 1992 and is based in the United Kingdom. Wagamama operates popular, award-winning noodle restaurants and offers fresh, pan-Asian cuisine in a friendly, vibrant setting. The menu features a wide variety of noodle and rice dishes, as well as salads and side dishes, juices, hot drinks, wine, sake and Asian beers. Many Wagamama signature dishes can be found in all of the Group’s restaurants across the globe and the restaurants also have local specialties that take advantage of regional produce and tastes.

Duke Street acquired Wagamama in 2011 for £215 million when the Group had 70 restaurants. Since 2011 Duke Street has worked closely with Wagamama’s management team to transform the business. Wagamama now has 133 restaurants in the UK, almost double the number since Duke Street first invested, 5 outlets in the USA (across Boston, Massachusetts and New York City) and 58 franchise restaurants operating in 23 markets spread across Western Europe, Eastern Europe, the Middle East and New Zealand.

Wagamama continues to trade very strongly and is the outstanding performer in the UK casual dining sector. The Company has demonstrated a strong track record of like-for-like revenue growth with 228 consecutive weeks of positive performance. Over this period, the annual like-for-like growth was 9.6%, and on average 8.5% ahead of the market, as measured by the Coffer-Peach tracker. Wagamama generated revenue of £307m and EBITDA of £43m post pre-opening costs in the twelve months to 19 August 2018. Wagamama delivered a 17% UK revenue CAGR (compound annual growth rate) between FY 2015 and FY 2018.

Peter Taylor, Managing Partner at Duke Street, commented:

“We are very proud to announce the sale of Wagamama to The Restaurant Group. This is one of the largest ever transactions in the UK casual dining space, a market which has been challenging in recent years. Duke Street has supported an outstanding management team under Jane Holbrook’s leadership to transform the company and ensure that Wagamama has emerged as the standout success story of the UK casual dining sector.

“Our investment in Wagamama represents a classic Duke Street deal: a complex transaction that we delivered in 2011 outside an auction process; working with management to grow the business swiftly and successfully during our period of ownership; adding international expansion and a popular delivery function; and securing an exit to trade, taking Duke Street’s recent record to ten trade sales out of our last twelve exits. These are exciting times for the firm: our recently enhanced investment team is delivering a strong pipeline of attractive opportunities for our investors and partners.”

Jane Holbrook, CEO of Wagamama, commented:

“Wagamama has enjoyed a very strong track record both financially and operationally, driven by the ongoing successful execution of our growth strategy. Duke Street has been hugely supportive, investing heavily in the key resources to drive our position as the UK’s leading casual dining chain, while also helping us take the business and the brand to a growing international customer base.”

The sale of Wagamama follows recent successful exits by Duke Street from its investments in Baywater Healthcare UK and LM Funerals. The exit from Baywater generated a total cash return of more than 5x for Duke Street and the sale of its stake in LM Funerals generated a return of 2.6x.

In the last 12 months the firm has made three new investments, acquiring Great Rail Journeys, the world’s leading provider of escorted rail holidays in July 2018; acquiring A-ROSA, the German upmarket river cruise operator in February 2018; and buying a controlling interest in TeamSport Karting, the UK’s largest indoor go-karting operator, in October 2017.

On this transaction Goldman Sachs International acted as sole financial advisor to Wagamama and Duke Street; Latham and Watkins provided legal advice, exclusively.

Duke Street, the UK based mid-market private equity firm, has acquired Great Rail Journeys (‘GRJ’), the world’s leading provider of escorted rail holidays, from ECI. The terms of the transaction have not been disclosed.

York based Great Rail Journeys offers almost 400 itineraries to over 50 countries globally. GRJ caters for a growing demographic group of culturally interested 55+ year old travellers who typically prioritise travel spend within their household budgets. Popular itineraries include a tour of India’s “Golden Triangle”, exploring the Swiss Alps on the Glacier Express and an iconic journey across Africa from Dar es Salaam to Cape Town. Last year, over 50,000 customers enjoyed a GRJ holiday and the Company is proud that over half of its business each year comes from its database.

Over the last five years GRJ has performed strongly, tapping into new source markets for its rail tours including Australia and more recently the US, following the establishment of an office in New York in 2017. The business has also just launched, for summer 2019, a unique and highly differentiated rail based premium river cruise offering which builds upon very strong pre-existing demand for such holidays from within its customer database.

Duke Street plans to support the existing management team, led by Peter Liney, to develop the business’ rail and cruise offerings further, both in the UK and internationally, building on their significant experience in the leisure sector. Following the acquisition, Charles Gurassa will be appointed as Chairman. As well as extensive experience of the travel sector gathered during his executive career, Charles’ current non-Executive board roles include Chairman of Channel 4, Deputy Chairman of Easyjet and Senior Independent Director at Merlin Entertainments.

Tom Salmon, Partner at Duke Street, said:

“Our experience of backing market leaders in growing segments of the European leisure sector makes Great Rail Journeys a very exciting investment proposition. It is an outstanding business which delivers very high quality service to its clients. Having known Peter Liney for a number of years, we are looking forward to working with him, Charles Gurassa and the wider team to continue to grow the business both in the UK and internationally.”

Peter Liney, CEO of Great Rail Journeys, said:

“We are delighted to be partnering with Duke Street. The team very quickly demonstrated a clear understanding of our business, and their experience both of growing businesses in the US and of river cruising was highly attractive to us. After five great years of working with ECI, who have helped us to internationalise the business, add new product lines, grow our profits and develop our management team, we are very excited to embark on the next chapter of our story with Duke Street.”

Duke Street partner James Almond has been featured by Financial News in the magazine’s annual review of the 25 men and women under the age of 40 who stand out in the European private equity industry.

James joined Duke Street in 2015 and is responsible for fundraising, running the co-investment programme and investor relations.

Beyond his role at Duke Street, James is active in voluntary work both relating to private equity and in creating greater value for charities and social enterprise. He is a Guest Lecturer in Private Equity at the London Business School and a Senior Advisor to the Charities Aid Foundation.

2017 was a very active year for Duke Street with two new funds of committed capital, two exciting new investments and three successful exits.

Click here to read our Year in Review.

Ardent Hire Solutions has been awarded FORS Gold status by the Fleet Operator Recognition Scheme – the highest grade achievable for fleet operators.

The Fleet Operator Recognition Scheme encompasses all aspects of safety, fuel efficiency, economical operations and vehicle emissions and contributes to improving sustainability and corporate social responsibility practices in the sector.

Commenting on the importance of FORS to Ardent, the group’s Safety, Health Environment and Quality (SHEQ) Director, Garry Orr, said:

“Ardent embarked on its FORS journey in 2011, after seeing the growing need to improve Health and Safety within the construction industry. We became Bronze certified in May 2011 and quickly realised that the certification was worthwhile in helping us improve our H&S targets. We noticed the value delivered from having rigorous and robust transport management, quality and compliance, policy and procedures.

“We are committed to providing a safe working environment for all our employees and the FORS toolkits have helped us achieve this. We believe that one of the most important factors is upskilling our drivers by giving up to date, relevant training. As a result we have improved driver retention. Today our drivers are much more aware of the emphasis our business places on their safety.

“Over the last 12 months we have implemented a rigorous programme of vehicle replacement with Euro VI engines to reduce emissions. In addition, our transport units are fitted with reverse cameras, monitors in the cab, side scanners and white noise indicators as standard. All of these features help us improve H&S and increase public safety. Together with Driver Toolbox Talks (TBTs) we have seen significant reductions in incidents and Penalty Charge Notices (PCNs).

“We have been promoting FORS to all our hauliers and have introduced Silver standard as a minimum requirement for them being a part of our supply chain.

“We believe the FORS Gold standard clearly shows to all our peers and clients our stance regarding road safety not only in the workplace but also by promoting further training for our drivers to recognise them from being an HGV driver to an HGV professional.”

Duke Street, the midmarket private equity group, is pleased to announce two key appointments.

Tom Salmon joins as a Partner having spent 13 years at 3i, the international private equity and infrastructure investor. 

At 3i, Tom was a Partner with responsibility for the group’s activity in the Consumer sector in the UK. He led 3i’s investment in Audley Travel, where he was also a non-executive Director, and represented the group on the Board of Hobbs, the women’s fashion group. In addition, Tom has considerable investment experience in the Services sector, having played a key role in deals including JMJ and NCP. Previously, Tom spent a year on secondment in Madrid with responsibility for a number of 3i’s investments in Spain.

Tom is a qualified Chartered Accountant and has a first class honours degree in Modern History from Oxford University.

Hugo Strachan joins as an Investment Manager, responsible for executing transactions and supporting deal origination in the Business Services and Healthcare sectors. Hugo previously worked at RJD Partners, a UK private equity fund, where he worked on management buyouts across a range of sectors including Business Services, Leisure and Education. Prior to RJD, Hugo worked in the Strategy team at PwC, providing due diligence to private equity, venture capital and corporate clients.

Hugo is a qualified Chartered Accountant and has a degree in Finance from Newcastle University.

Welcoming Tom and Hugo to Duke Street, Peter Taylor, Managing Partner, said:

“These are important appointments for Duke Street, strengthening our expertise in three key sectors for our group. Our pipeline of potential investments is very strong and we look forward to working with Tom and Hugo to progress the best of those deals.”

Casual dining may be in the doldrums yet while the likes of Jamie’s Italian, Byron and Prezzo undergo painful restructurings and closures, wagamama is bucking the trend.

While most of its rivals are losing sales, the noodle bar chain yesterday reported an 8.2 per cent jump in its UK like-for-like sales in the third quarter, an acceleration on the 7.1 per cent growth seen in the second quarter.

Its total turnover rose by 12.5 per cent to £72.1 million in the three months to January 28, lifting revenues for the first 40 weeks of its financial year to £229.5 million, up 13.5 per cent. Underlying earnings for the year to date are up 0.9 per cent to £35.1 million amid supply chain and wage cost increases and it made a loss after interest, tax and refinancing costs of £6.6 million.

The group, backed by Duke Street and Hutton Collins, has opened six UK restaurants and two in America this year while adding eight new overseas franchises, including three in Madrid. It has 185 restaurants, of which 129 are in the UK.

Jane Holbrook, chief executive, said the group had “continued to trade ahead of the competition consistently for more than three years” amid continuing investment in staff and innovation such as its new vegan menu.

German river cruise line A-Rosa reported a 6% increase in revenue to £77.1 million for 2017. The operator revealed on Tuesday that all global markets were performing well and reported an increase in both operating profit and revenue for the fourth year running.

Lucia Rowe, head of A-Rosa UK, said the line’s revenue for the year so far was up 20% up compared to the same time last year. A-Rosa’s 2017 figures were released as the Federal Cartel Office in Germany approved its acquisition by British investors Duke Street. Duke Street agreed the acquisition from Waterland Private Equity in January.

Rowe said: “2017 was a great year for A-Rosa globally with many contributing factors, including our new route on the Seine which has proved a popular choice and the increasing demand from customers to see more whilst away.

“Sales for 2018 have started well and we are already 20% up on where we were this time last year.

“We remain totally committed to working only with our trade partners and agents and it is going to be an exciting year.”

More than 85,000 passengers were carried on board A-Rosa river cruises in 2017.

http://www.travelweekly.co.uk/articles/298156/river-cruise-line-a-rosa-reports-6-growth

Now in their third year, the Casual Dining Restaurant & Pub Awards are one of the highlights of the hospitality sector’s calendar. For the second time in as many years, wagamama has scooped the award for large multi-site restaurant brand of the year, which is judged on commercial success and overall excellence including innovation, staffing, design, marketing, menus and customer satisfaction.

wagamama continues to report strong performance including 196 consecutive weeks of market outperformance as determined by the industry’s Peach tracker and regularly tops the BrandVue monthly index for customer satisfaction.

In the last year wagamama also launched a vegan menu featuring 29 plant based dishes, opened an innovation test kitchen in Soho called ‘noodle lab’ and has pledged to remove all plastic straws and replace them with bio-degradable paper straws by Earth Day on 22nd April 2018.

Duke Street, the midmarket private equity group, has sold its controlling investment in Baywater Healthcare UK to Bastide Group, a specialist in the sale and rental of home medical equipment in France. The undisclosed consideration makes a total cash return of more than 5x cost for Duke Street and its co-investor, Souter Investments with the potential for further returns from an earnout based on future performance. The firm sold Baywater’s Irish operations to Air Liquide in August 2015.

Baywater delivers oxygen-therapy, sleep apnoea therapy and non-invasive ventilation therapy services to patients in the home. It is the only independent company serving the UK market, alongside three major gas group subsidiaries. The business was acquired by Duke Street in November 2013 as part of Air Products’ Homecare operations in the UK and Ireland. The transaction was Duke Street’s second deal-by-deal financing.

The business currently employs 230 people and provides support to 26,000 patients. The sale to Bastide Group has been approved by the National Health Service.

Commenting on the sale, Charlie Troup, Managing Partner at Duke Street, said:

"Baywater has been a classic Duke Street investment in healthcare, a core sector for the firm. With the dual trends of an ageing population and an increasing need for the NHS to manage costs by providing patients with care at home, we have worked successfully with management to raise the quality of care, improve logistics, invest in stronger operational and logistics capabilities, thereby delivering significant growth in profitability. We wish Bastide Group every success with Baywater’s next phase of growth.”

Adam Sullivan CEO of Baywater commented:

“The four years we have spent with Duke Street and Souter have been exciting and rewarding – they have been demanding while constructive and supportive. I and my team are proud of the business we have built together - the strength of which has been recognised by Bastide.”

Duke Street investment Voyage Care is delighted to have been named as a finalist in not one, but two categories for the 2018 HealthInvestor awards.

Reaching the finals in the Specialist Provider and Community Based Support categories is recognition of the huge strides Voyage has taken in recent years to enhance its specialist provision and transform the way it delivers community based care and support services.

The prestigious HealthInvestor awards recognise excellence in the delivery of social care. Voyage was the winner in the Specialist Provider category in 2016 and a finalist in 2017.

This year’s winners will be announced on 13 June.

Market leader for premium river cruises in Europe is firm’s second current investment in Germany.

Duke Street, the mid-market private equity group, has agreed to acquire A-ROSA, the German upmarket river cruise operator, from Waterland Private Equity. The consideration has not been disclosed.

A-ROSA is a market leader in the premium segment for river cruises on Europe’s Danube, Rhine/Main/Moselle, Rhône/Saône and Seine rivers. The company was established in 2001 as a subsidiary of P&O Princess Cruises and was originally developed as the river cruise complement to AIDA ocean cruises. Based in the northern German city of Rostock and in Chur, Switzerland, A-ROSA has approximately 600 employees and operates a fleet of 11 high quality vessels. More than 85,000 passengers travelled on board A-ROSA cruises in 2017.

The company has, to date, enjoyed a very strong following in its German home market, as well as growing positions in other consumer markets, including the UK. Benefitting from a growing base of affluent older consumers, the river cruise segment performed strongly in the last economic downturn. The A-ROSA brand is highly regarded, with a modern, innovative river cruise fleet and exclusive agreements with key travel agencies. The high quality of on-board food and drink, cabin design and entertainment has encouraged significant levels of repeat bookings. The river cruise market is expected to benefit further from product development, loyalty-based marketing and a reduction in the average age of cruise holidaymakers.

Commenting on the A-ROSA investment, Charlie Troup, Duke Street Managing Partner, said:

“We have identified in A-ROSA an exciting opportunity to back the leader in a growing segment of the European leisure market. The management team, led by CEO Jörg Eichler and COO Markus Zoepke, has built a strong consumer proposition for seasoned cruise passengers and new cruisers alike. Waterland has helped the team since 2009 to develop an excellent platform for further growth and we are delighted to be part of the next phase of A-ROSA’s success.”

Jörg Eichler, CEO of A-ROSA, added:

“Duke Street moved very quickly in building a solid understanding of our business in a short space of time and have shown real determination to deliver a transaction that allows us to unlock the growth potential to take A-ROSA to the next level. We look forward to working together with the Duke Street team to develop and grow our business over the next years.”

Given the very strong ongoing consumer demand for the company’s offering, the opportunity exists for Duke Street both to expand A-ROSA’s fleet size and launch its product onto new rivers, while increasing its exposure to source markets outside Germany. Growing awareness of the convenience of visiting iconic European cities from a relaxed floating base is expected to sustain growth in the river cruise market and A-ROSA’s penetration of further key consumer economies on the continent.

The transaction is subject to approval by antitrust authorities.

The A-ROSA buyout increases Duke Street’s current portfolio in Germany to two investments made within two years. In March 2016 the group led a consortium to acquire Medi-Globe Corporation (Medi-Globe), a medical devices business focused on minimally invasive surgery in gastroenterology and urology.

TeamSport, the UK’s leading indoor karting operator, acquired by Duke Street in October 2017, has been granted planning approval for two new tracks in the north of England.

The first will be a state of the art venue on the Walton Summit Industrial Estate in Bamber Bridge, Preston. A £1.2m projected build investment will deliver two multilevel circuits across three floors for up to 20 karters to race at any one time. Preston is expected to open in early summer.

The second, in Beckside Business Park close to Bradford’s city centre, will be TeamSport’s 26th centre in the UK.  Again investing more than £1m in the development, the company promises a 580m multilevel circuit for up to 18 karters. Projected opening is also in early summer.

Dominic Gaynor, TeamSport Managing Director, said:

“We’re delighted to have received permission to open and are looking forward to welcoming residents and visitors to the new tracks.

“Our fantastic choice of race events and excellent value karting offers will ensure karting is accessible to everyone looking for an adrenaline fuelled, fun day out.”

The casual dining sector may be suffering indigestion, but wagamama continues to deliver tasty results. In the six months to November, it reported an increase in UK like-for-like sales of 6.9 per cent after investment in “people, product and property”.

While most of its rivals struggled, wagamama’s like-for-like growth accelerated from 6.8 per cent in the first quarter to 7.1 per cent in the second. Underlying earnings before exceptionals grew by 2.2 per cent in the first half to £23.5 million, from turnover up 14 per cent to £157.4 million.

Jane Holbrook, the chief executive, said: “We remain relatively cautious about the immediate outlook.”

Pan-Asian restaurant group wagamama, a Duke Street investment since 2011, is celebrating a double whammy at the 2017 Peach Hero & Icon Awards, the annual event of leading restaurant industry research house CGA.

Against a tough field of respected operators in the UK restaurant market, wagamama scooped Most Admired Brand or Company, based on a vote by the sector’s leading operators. The group also picked up the Best Company award.

Senior representatives from across the multi-billion pound casual dining sector celebrated the achievements of almost 50 different brands and companies nominated in 14 categories. Big name competitors included Nando’s, Pret a Manger, Leon, Dishoom, Yo! Sushi and Wahaca.

Duke Street is pleased to announce the recognition of four key individuals, including two category winners, in one of the healthcare industry’s most respected annual reviews.

Each year Health Investor magazine’s Power Fifty seeks to honour those who have the most influence in the UK’s independent health and social care market. The newly published 2017 list of movers and shakers includes:

Leading investors: Charlie Troup – Duke Street managing partner

Charlie joined Duke Street in 2006 and leads the firm’s investments in healthcare. His recent deals in the sector include Voyage Care, Baywater Healthcare and Medi-Globe Corporation.

Non-Executive Director: Douglas Quinn (voted first in NED category)

Most recently chairman of Baywater Healthcare and a former CEO of Duke Street portfolio company Voyage Care, Douglas has worked in health and social care for more than 30 years. He remains an operating partner of Duke Street and a NED of Voyage, as well as chairman of the NFA Group, the UK’s leading provider of specialist services for children.

Outstanding leaders: Andrew Cannon – CEO of Voyage Care

Andrew was appointed CEO of Voyage Care in August 2015. Voyage is the UK’s leading provider of residential care services for adults with learning disabilities. Supporting over 3,000 people, more than 95% of Voyage’s services are rated ‘Good’ or ‘Outstanding’ by the Care Quality Commission.

One to watch: Jayne Davey – COO of Voyage Care (first in category)

Described by another Power Fifty member as “the best operator in the sector bar none”, Jayne became Voyage Care’s chief operating officer in March 2015, with responsibility for operations, IT and projects. Jayne joined Voyage in 2013 as Director of Quality and Improvement.

First deal for firm’s new Cornerstone Fund, supported by Goldman Sachs.

Duke Street, the mid-market private equity group, has acquired a controlling interest in TeamSport Karting, the UK’s largest indoor go-karting operator. The investment is the first for Duke Street’s new Cornerstone Fund, established in January this year with backing from Goldman Sachs Asset Management and Arcano as a key step in the evolution of Duke Street’s deal-by-deal approach into a hybrid funding model. Unigestion acted as the sole institutional co-investor in the deal.

TeamSport was established in 1992 and completed a management buyout from its founder in 2013, backed by investor Connection Capital. With just eight tracks in 2013, TeamSport, led by managing director Dominic Gaynor, now operates 23 tracks across the UK, including five in London, and expects to accelerate this rate of growth under Duke Street’s ownership. The price has not been disclosed.

The UK go-karting sector is highly fragmented, comprising more than 200 mainly independent, single-site operators. TeamSport’s next largest competitor has four sites. The company has achieved impressive growth in recent years through a combination of like-for-like sales improvement, new site openings and enhanced performance from acquired tracks.

TeamSport’s business combines enthusiasm with professionalism, providing exciting karting experiences at high quality facilities with excellent customer service. It offers indoor tracks of up to 1km in length, which include multi-level karting, banked corners, flyovers and ramps as well as hairpin bends, chicanes and fast straights. On-site restaurants and bars are also available at its venues.

Commenting on the TeamSport investment, Charlie Troup, Duke Street Managing Partner, said:

“TeamSport presents an exciting opportunity to support the clear leader in a growing niche segment of the UK leisure market. The strong management team has built a compelling proposition for all levels of racegoers and an excellent platform for further development. We are delighted to be backing Dominic and his team for the next phase of growth.”

Duke Street Partner Jason Lawford added:

“The company’s focus on a superior customer experience, delivered by its committed and loyal team, is recognised in industry-leading customer service scores. We are confident that TeamSport’s high quality offering is capable of being taken to the next level to extend TeamSport’s leading market position and accelerate its growth.”

Dominic Gaynor said:

“Duke Street stood out from the pack with their understanding of our business and their determination to deliver - in my view this makes them an ideal partner for the next stage of TeamSport's journey.”

Andrew Cannon, Voyage Care’s Chief Executive Officer, has been selected for the Health Investor Power Fifty. This is the third consecutive year that Andrew has been recognised by Health Investor as one of the sector’s most influential leaders.  

This year he has been shortlisted in the Outstanding Leader category which recognises ‘resilient, visionary and pragmatic’ leaders. Andrew said: ‘I feel honoured to have been shortlisted again and proud to lead an organisation that day in, day out makes such a profound impact to the lives of some of the most vulnerable people in society.’

wagamama, the pan-Asian inspired noodle restaurant group, today announced its consolidated results for the 52 weeks ended April 23, 2017.

Financial highlights

• Turnover increased 15.8% to £266.1 million in FY 2017 primarily due to the continued expansion of restaurants in the UK and 8.2% UK like for like sales growth
• Adjusted EBITDA up 17.6% in FY 2017 to £45.5 million from £38.7 million in 2016
• Adjusted EBITDA margin at 17.1% in FY 2017 compared to 16.9% in 2016

Operational highlights

• 10 new restaurants in FY 2017
• 16 refurbishments have been completed, bringing Kaizen design to the existing estate
• Continued measured development and roll-out of UK Company-owned restaurants
• A record year for our Boston, USA locations and a strong start in our debut restaurant in New York
• Deliveroo (delivery operation) now available in 92 restaurants

tofs, the UK’s national off-price department store, today announces that Emma Fox has been appointed as Chief Executive Officer, with effect from August 30th.

Most recently, Emma was Commercial Director at Halfords Group plc, a role that she held for three and a half years from August 2013. Emma was instrumental in helping drive Halfords’ turnaround, delivering strong profitable sales growth across all channels through a highly customer focused strategy. Prior to Halfords, Emma was Chief Marketing Officer at Walmart Canada from 2011 to 2013, where she drove a successful customer focused agenda for the business, increasing market share in a competitive market place. Emma took the role in Canada having been with Asda in the UK from 1999 to 2011 in a variety of senior commercial roles.

Emma is also a Non-Executive Director at Punch Taverns, and has previous Board experience from Catalyst, WEConnect International, IGD and the Asda Foundation.

Emma Fox, incoming Chief Executive Officer, commented:

“I am very excited to be taking the role of Chief Executive at this point in the tofs journey. It is a great company that clearly plays a key role in the communities of many towns in the UK. I believe that there is significant potential for this unique business and I look forward to working with the team to help realise this.”

Alistair McGeorge, Chairman of tofs said:

“The Board is delighted to welcome Emma as the new Chief Executive of tofs. There is no doubt that she is well suited to the role with her extensive retail and commercial experience from a range of retail groups and has many exciting ideas to take tofs forward. We look forward to working with her to help deliver growth from the solid foundations that have been established.”

Adam Sullivan of Baywater Healthcare has been shortlisted for this year’s UK Private Business Awards in the CEO of the Year category.

Baywater Healthcare provides home based therapies on behalf of the NHS for patients with long term respiratory conditions. Adam led a management buyout of the healthcare division of Air Products plc in 2013 supported by London based private equity firm Duke Street. Since the buyout the business has seen a significant growth in turnover thanks to diversification in new services for patients with Sleep disorders and developing innovative remote managed solutions for monitoring patients in their homes, which significantly reduces unplanned hospital admissions.

Following his nomination Adam commented:

“I’m immensely proud to be representing my team in the finals. We have some incredible business leaders in the UK, many of whom have been a source of inspiration to me. This process showcases those who strive to create companies that offer their customers a truly engaging experience.”

As the shortlist citation says:

“Charismatically leading from the front, Adam inspires, engages and celebrates the success in his colleagues regardless of an employee’s position. Everyone adds value in Adam’s view. High levels of discipline, strong ethics and values are qualities which he embodies and expects of his team.”

Now in their seventh year, the awards sponsored by professional services network PwC are positioned to recognise success and achievement within the vast number of private businesses in the UK. Presented to the UK’s most successful private companies, entrepreneurs and management teams, the Awards are often referred to as “The Diamonds”. The awards will be announced at an event in London in Mid-September.

Pan-Asian restaurant group wagamama, a Duke Street investment since 2011, is celebrating a double whammy at the Casual Dining Restaurant & Pub Awards 2017.

Against a tough field of respected operators in the UK restaurant market, wagamama scooped Multiple Casual Dining Restaurant of the Year, while CEO David Campbell was named Trailblazer of the Year.

More than 400 industry professionals – including senior representatives from Casual Dining Group, Living Ventures, Las Iguanas, Nando’s, Bill’s Restaurants, Marston’s, The New World Trading Co, Revolution Bars Group, Mitchells & Butlers, PizzaExpress, Carluccio's, Prezzo, MEATliquor, Giggling Squid, Cabana, and The Breakfast Club – were in attendance to recognise and celebrate the standout brands of the year across the multi-billion pound casual dining sector.

tofs, the UK’s leading discount department store, is pleased to announce a trading update for the Christmas period, in the six weeks to Sunday 8th January 2017.

Key financial highlights:

• Total sales growth in the period of 5.6%
• Like for like sales performance of 3.3%, driven by store sales
• Gross margins maintained year on year

tofs achieved solid sales for the period, across all departments, with its leading off-price deals strategy. Seasonal categories (+14%) including toys, gifts and Christmas decorations; general merchandise (+6.6%); and clothing (+3.2%) performed particularly strongly. Stock was well-controlled through the period with good sell-through of the key festive inspired products as well as everyday necessities.

Key operational highlights:

• Cultural drive to empower local stores to tailor the trading and visual merchandising for their respective communities
• Stock arrived pre-retailed, providing colleagues with time to engage with customers on the shop floor more so than ever before, enhancing the service
• Continued development of the off-price branded proposition
• Positive response to new ‘tofs’ branding in the early stages of a roll-out
• Launch of ‘tofs club’ with exclusive deals and promotions building even deeper customer engagement

Aligned with its continued focus on serving the local community, tofs vested stores with greater autonomy to trade as they saw fit for their community, using efficiency improvements in back-office activities to allow greater engagement with customers on the store-floor.

Across the UK, tofs was proud to offer a better than ever range of branded goods, all at significant discounts to RRP, with prestigious brands such as Adidas, Calvin Klein, Jimmy Choo and Pokemon proving particularly popular additions to its portfolio.

Tony Page, CEO of tofs said:

“At tofs, we pride ourselves on the discounts that we offer on many of the UK’s leading high street brands. Coupled with industry-leading service in stores that are typically located ten minutes away from our customers’ houses, we were delighted to welcome so many customers to enjoy their Christmas shopping ‘dopamine fix’ with us.

“We’ve worked hard, through a number of initiatives, to empower our store teams to engage with their local community and trade stores as if the stores were their own. I’m pleased to say that gave us good momentum [within the context of what continues to be a challenging market for retail].

“It has been an interesting year for retail and while further challenges lie ahead for the sector, we feel well-positioned as a proposition to continue to appeal to our customers in a unique and local environment”.

The Original Factory Shop (“tofs”), the UK’s national off-price department store, is pleased to announce its results for the year ended 31st March 2016.

The Company achieved a 5.9% increase in net turnover to £184.5m (2015: £174.3m) and a 6.3% rise in pre-exceptional EBITDA to £15.1m (2015: £14.2m), amidst a significant ongoing capital investment programme and despite challenging market conditions.

tofs performed well in all main categories, with sales driven by the combination of off-price and own-brand ranges across both General Merchandise and Fashion/Footwear.  Particular areas of strength were in men’s branded footwear (+17.7%), living (+9%), and beauty (+7.3%) departments.

Commenting on the results, Tony Page, CEO of tofs said:

“We’re pleased to be reporting on the continued growth of the business, alongside significant investment into tofs, within what continues to be a challenging market. We believe that our success lays testament to the powerful customer proposition which we’re delivering; bringing well-loved brands at discount prices to Britain’s communities.

“It’s a very exciting time at the business as we progress with our growth strategy, having implemented our largest ever store IT systems upgrade, made excellent headway with upgrading our store portfolio, and brought on board a whole host of great new brands.

“tofs’ unique off-price shopping experience and friendly customer service are aspects that we are particularly proud of as a Company, which is why we are investing in our colleagues to help them offer the best possible customer experience, and why we have updated our visual identity to reflect these attributes. We believe that with these qualities, along with our strategic growth plans, we are well-positioned in the face of sector uncertainties.”

Commenting on the Chairman transition, Tony Page said:

“In addition, we would like to share our sincere thanks to David Williams for his support and advice as Chairman over what has been a transformational period for the Company.

“With David’s move to NED, we are also delighted to welcome Alistair McGeorge as our new Chairman. Alistair brings a wealth of value retail experience from leading UK businesses including New Look and Matalan, and we look forward to working with him as we continue to build on our proposition and bring tofs to more towns across the UK in the coming year.”

Commenting on his appointment, Alistair McGeorge said:

“I have been following tofs’ progress with interest over the past few years, and am delighted to be joining the Company at this exciting time. tofs has a unique proposition in the UK retail market and I look forward to putting my experience in the sector to use as we work together to continue the Company’s growth.”

About The Original Factory Shop:

Established in 1969, The Original Factory Shop is the UK’s leading local off-price department retailer, with more than 210 stores operating in local markets and over 2,800 employees.  It is one of the fastest growing retailers in the UK.

Majority owned by Duke Street since 2008, The Original Factory Shop is a unique UK retailer that provides its customers, often in smaller towns, access to well-known brands at heavily discounted prices.  It has identified a further 400 UK locations in which it can expand.

About Alistair McGeorge, Chairman, The Original Factory Shop:

Alistair McGeorge has more than 20 years’ experience of value retail experience, gained in senior and leadership roles in some of the sector’s largest businesses.

Alistair held financial, commercial and Chief Executive roles at Littlewoods from 1994 to 2005. As Chief Executive of fashion and homeware group Matalan from 2006 to 2010, he led the successful take-private of the business and its eventual refinancing. Alistair was both Executive and Non Executive Chairman of international fashion retailer New Look from 2011 to 2014. Immediately prior to joining tofs, he was Managing Director of Big W, a division of Woolworths in Australia.

Earlier in his career, Alistair, a qualified Chartered Accountant, spent 14 years in the profession with Deloitte, Haskins & Sells and Coopers & Lybrand.

LFL Sales Now Ahead of Competition for 120 Consecutive Weeks; +9.8% for Q1 FY17. Ratings Upgrades from both Moody’s and Standard & Poor’s.

Restaurant group wagamama (“the Company”) today announces its financial results for the first quarter of its Fiscal Year 2017 (16 weeks to 14 August 2016).

Financial highlights:

• Credit rating upgraded by both Moody’s and Standard & Poor’s
• LFL sales continue to outperform competition; now stands at 120 consecutive weeks
• UK LFL sales of 9.8%, on back of two strong prior years (Q1 FY16: 13.1%, Q1 FY15: 9.2%)
• Total sales at record levels for Q1: £75.6m, 16.6% up on FY16
• ‘4-wall’ restaurant EBITDA (£16.5m) and adjusted EBITDA (£12.1m) both in double digit growth
• Active estate management driving AUVs
• In the US, the three Boston sites experienced continued strong LFL growth at 10.8%

Operational highlights:

• Three new UK sites successfully opened in Bromley, Staines and London Bankside
• Heathrow T5 rebuild opened successfully, achieving 3 company weekly sales records in a row
• New York City flagship on target for opening in Q2
• Franchise openings in Cyprus (Ayia Napa), Gibraltar, and Netherlands (Rotterdam) in Q1; first Saudi Arabia restaurant opens Q2

David Campbell, CEO of wagamama, said:

“I am delighted to report another very strong set of results, especially on the back of two prior years of robust performance. LFL growth of 9.8% shows that we continue to trade strongly and are positioned favourably within the market. We continue to seek an even greater understanding of our guests, which drives our ongoing improvements.

“Operationally all of our company owned estate, in the UK and US, has ‘kaizen’ embedded, and physically by the end of FY17 the majority of restaurants will either be newly built, rebuilt or refurbished with the ‘kaizen’ design. ‘Kaizen’ is also in all new franchise restaurants and rolling out through our remaining estate.

“We are pleased with the new openings in Q1 and current pipeline of new restaurants. We also continue to actively manage the estate by not renewing leases in poorer performing locations. New York City has not been without its challenges, but we are on target to open at 210 5th Avenue in Q2, further strengthening our presence in the US.

“It’s particularly pleasing to have both Moody’s and Standard & Poor’s upgrade our ratings to levels above most of our peers. This reflects the strong financial results on both a ‘4 wall’ restaurant and adjusted EBITDA basis, and continued strong cash conversion. We are confident that our strong financial position means that we are well placed to further invest and grow market share and we are excited about the future opportunity.”

About wagamama

Majority owned by Duke Street since 2011, wagamama offers Asian food inspired by the flavours of Japan, combining fresh and nutritious food with friendly service and value for money. With the opening of its first restaurant in London in 1992, wagamama unleashed a new dining experience in the UK. Now, wagamama operates in 18 countries.

wagamama has received a string of awards, including the 2015 CGA Peach Honours Award for the Best Evolutionary Brand, as well the 2014 Consumer Choice Award (voted for by over 20,000 UK consumers) for the number one brand in the UK. This was in the CGA Peach’s brand-tracker survey, based on customers’ ‘satisfaction’, ‘intention to revisit’ and ‘would you recommend to a friend’. wagamama was runner up in the ‘Best Brand’ category at the Marketing Society Awards 2015, plus the coveted ‘London's Favourite Chain Restaurant’ award in the 2013 London Zagat Guide. wagamama was also highly awarded as one of the Best Places For Kid’s Meals in the Soil Association’s 2013 “Out to Lunch”.

Turnover increased by 19.0% to £228.1m (FY15: 191.7m)

Adjusted EBITDA increased by 28.0% to £38.7m (FY15: 30.3m)

Pan-Asian restaurant group wagamama today announces a strong financial year for the 52 weeks ending 24 April 2016. The group has traded ahead of the competition for more than two years (for 112 consecutive weeks*) and is well placed to continue to grow in the UK and internationally.

The strong results reflect the active management of the UK owned estate. The Kaizen project, which seeks continuous improvement in all restaurants across all aspects of operations, including new and rebuild designed restaurants as well as the refurbishment of key existing restaurants, successfully drove higher average unit volumes. By the end of FY 2017, the majority of the estate will be new, rebuilt or refurbished. The company has also continued to build its iconic restaurant brand internationally with a focus on the US owned estate and new European franchise markets. Currently the group operates 158 restaurants in 18 countries worldwide.

Financial highlights:

• Turnover increased by 19.0% to £228.1m, in comparison with £191.7m in FY 2015

• UK like-for-like sales grew by 13.1%, significantly outperforming the competitive market

• USA like-for-like sales grew by 11.3%

• Adjusted EBITDA up by 28.0% to £38.7m reflecting improved sales momentum and margin

Enhancement initiatives:

• Significantly deleveraged since bond issue and continued strong cash conversion

Operational highlights:

• New UK openings, extensive refurbishment programme and rebuilds, including Heathrow Terminal 5 (pictured)

• Focused development of US owned estate, currently Boston and New York City

• Second lease secured in East Village, New York City

• New European franchisee agreements signed in France, Spain, Portugal and Italy, wit growth in existing franchise markets

• Growth across portfolio driven by increase in covers and average spend per head

David Campbell, CEO of wagamama, said:

“I’m delighted to report these fantastic results, which reflects the hard work delivered by the team throughout the past year to ensure our brand, UK estate upgrade, and continued international expansion is a great success. 

“Having established a strong UK brand, which has now outperformed the UK restaurant market for 112 consecutive weeks, we are excited to be moving further down a path to create an iconic international restaurant brand. The USA is a significant opportunity for us and we have already initiated our growth strategy with the acquisition of two leases in New York. We have also further bolstered our European footprint by adding new European franchise markets

“We have great people throughout the business and a talented executive team in place to continue to make this business a success. We are confident that with our market leading position, well invested portfolio and stable and resilient business model we are well positioned for future growth.”

*Performance measured versus GCA Peach tracker to 26 June 2016

View full article in The Times (opens in new tab)

Source: Unquote Magazine

Once viewed with scepticism, the deal-by-deal approach to private equity investing has become commonplace in recent years, alongside traditional fundraising. Alice Murray assesses two GPs that have employed both strategies.

In February 2012, news hit that Duke Street, the UK mid-market stalwart, had abandoned fundraising efforts and would instead adopt a deal-by-deal approach. The GP had been out on the road for a year previously as it attempted to raise an €850m fund.

The announcement garnered huge amounts of attention and intrigue at the time, with some industry participants wondering if the entire private equity model was at threat and others assuming poor performance on Duke Street's part.

Whatever the causes, the GP pushed on and in June 2013 announced it had signed a deal with Paris-based investment firm Tikehau Group. "During the early days of deal-by-deal there was a fair amount of scepticism of the model, especially in Europe. So Tikehau came in and bought a 35% stake, which gave us underwriting capability," explains Peter Taylor, managing partner of Duke Street.

According to Taylor, following the GP's acquisition of Voyage Care from previous backers HgCapital, the completion of such a large transaction – £375m – stopped a lot of questions around Duke Street's new model. "We've now done five deals outside of a fund. The investors are now more used to the concept and more LPs are doing co-investments. The model is more established in the US and we're now seeing more interest from US LPs," adds Taylor.

Flip-side
In contrast to Duke Street's story, Lonsdale Capital recently closed a £110m fund after using a deal-by-deal approach for six years previously. According to Alan Dargan, one of Lonsdale's founders, the GP would have raised a fund at conception; however, with LPs typically averse to debut vehicles, the team decided instead to prove themselves. "When we set up in 2009 we had done some deals but the company was still in its early days," says another Lonsdale founder David Gasparro. "At that stage, it was about getting people to take us seriously. There was work to be done getting ourselves established in the advisory community etc. So that's what we did."

As an echo to Taylor's experience, Gasparro says scepticism over the deal-by-deal model soon dropped away. But despite investors' increasing comfort around deal-by-deal, for him, the main advantage of moving to fund investing is not having to think about raising equity for each deal – having a level of certainty. 
Another positive Lonsdale gained by moving to a fund is the impact on recruitment. Says Dargan: "Now we can recruit staff into a stable environment. We can communicate and invest for the medium to long term."

Behavioural impact
Interestingly, while Lonsdale believes the fund approach has improved the team in terms of stability, for Duke Street, the deal-by-deal model also has a positive impact on team behaviour. "The impact of deal-by-deal on the team's behaviour has meant there is much more of a direct relationship – they're much closer to each deal as the pay-outs are far quicker," explains Taylor.

"We don't want to be too divisive – it's not eat what you kill – there are still some fund structure elements. But it has made the culture more entrepreneurial; the team is hungrier. It is very powerful. Especially given the timings of pay-outs from fund structures," Taylor says.

For the Lonsdale founders, this sentiment does not necessarily ring true. Says Gasparro: "We have done two deals with the fund so far and I haven't detected any change in behaviour because carry is structured broadly the same as it was for deal-by-deal. Behaviour and the level of challenge for potential deals is just how it was before."

But perhaps in the case of Lonsdale, because of its carry structure – whereby all staff have carry as all employees have invested in the fund – that incentivisation mechanic is more apparent than many other funds in the market at the moment, which have seen continued reductions in GP fund commitments.

However, Dargan admits the economics of deal-by-deal investing will be missed: "Our first two exits were very good and the economics of that flows through. The economics are faster on deal-by-deal for good exits."

Collaborative approach
Having been applying the deal-by-deal model for four years now, Duke Street is benefiting from a recent development among LPs: increased demand for co-investments. Says James Almond, partner at Duke Street in charge of fundraising: "From an investor's perspective, deal-by-deal is cheaper. It puts the investment decision in their own hands and they can get much closer to the company during due diligence and ownership. Typically, when LPs invest alongside a fund, it needs a quick response as there are others wanting to co-invest. With the deal-by-deal model, it's more exclusive; they can get closer to the deal."

Duke Street runs its co-investment programme like a club, with Almond explaining that some LPs prefer to support deals early on while others choose to come in later at syndication stage.

According to Taylor, the selection process is still evolving. "We're still learning and the landscape is changing. We had done lots of syndication when investing from a fund. Fund-of-funds were unable to do it at first because they couldn't pay fees and carry. But 18 months later they came back to us as their own needs are changing."

For Lonsdale however, its focus on the smaller end of the market means there is less demand for co-investment. "At the small end of the market it's more attractive for LPs to be in a fund," says Gasparro. "It would be difficult for them to do all of the admin required for smaller deals. So, to get exposure in the smaller, more specialist part of the market, a fund makes more sense."

Dargan also explains that, with LP commitments into its fund at around £10m or more, it wouldn't make sense for LPs to deploy that amount in the small-cap market through single deals, and therefore a pool is easier. "When we were doing deals on a deal-by-deal basis they were often oversubscribed, but coming in on the fund means our investors are exposed to all of our deals. Our investors encouraged us to raise the fund because they want that lower-mid-market exposure," says Dargan. 

While Duke Street and Lonsdale are rare examples of GPs that have adopted both the fund and deal-by-deal approach, their different focuses mean the adoption of each strategy offers different advantages for LPs and target companies. In Lonsdale's case, while deal-by-deal gave the team a chance to build a track record and embed themselves within the market, its focus on smaller companies means a fund model is better-suited for LPs looking for exposure of this kind. For Duke Street, having been in the market for 18 years, it had built up a track record and necessary intermediary relationships. But what is more interesting is how the LP community has developed since Duke Street changed strategy. Back in 2012, who could have predicted the GP would be sitting in such a favourable position?

Sale of the business to a consortium of Channel Islands based investors and management

Duke Street and Europa Capital are delighted to announce the signing of a binding agreement with a consortium of Channel Islands based investors to sell their respective investments in Sandpiper, the Channel Islands’ leading retailer.

The Channel Islands consortium has been assembled by Ravenscroft Limited and includes Bailiwick Investments Limited, Sealyham Limited and other private clients of Ravenscroft Limited (the “Consortium”). The management team, led by Tony O’Neill, will be investing alongside the Consortium and will continue to lead the business.

The transaction is subject to regulatory approval from CICRA in Jersey, which is expected to take up to six weeks.

Key terms for the transaction were not disclosed.

This transaction brings to an end Duke Street and Europa’s investment in the Sandpiper Group, which was acquired in 2007.

Commenting on the sale, Tony O’Neill, Chief Executive of Sandpiper, said:

“This sale marks a significant milestone for Sandpiper. As one of the largest businesses in the islands, serving locals everyday, it seems fitting to be acquired by local people.

“Business will continue as usual and our customers are unlikely to notice any changes. Our new Channel Islands based investors plan on-going investment in our retail estate, including extending the range of our numerous franchise brands, benefiting our customers in Jersey, Guernsey and new customers in the wider European mainland.

“I would like to pass on my thanks to both Duke Street and Europa for their support over the last eight years. It’s a new chapter for Sandpiper and the team and I are looking forward to working with our new investors.”

Charlie Troup, Duke Street Partner, added:

“We are delighted to have been part of the Sandpiper story since 2007 and we wish Tony and his team every success for the next phase of growth.”

Sandpiper, Duke Street and Europa were advised by Canaccord Genuity (Corporate Finance) and DLA Piper (Legal).