Piper exits The Rug Company
The Rug Company has seen consumer brand investor Piper sells its stake in the business to Palamon Capital Partners.
Under Piper’s investment in 2008, the luxury rug brand has more than doubled sales from £11 million to £23 million and expanded worldwide with 12 new store openings. Financial terms of the transaction have not been disclosed.
The Rug Company was founded in 1997 by husband and wife team Christopher and Suzanne Sharp who recognised a gap in the market for artisan quality, handmade contemporary rugs.
Today the business has a range of more than 300 rug designs, including its Contemporary Collection developed by the company’s in-house design team, and its Designer Collection created through collaborations with designers such as Alexander McQueen, Paul Smith and Vivienne Westwood.
Chris Curry of Piper said: “Piper is all about partnering with entrepreneurs to help them accelerate the growth of their businesses and build iconic brands. This is exactly what we have done with The Rug Company, developing a highly innovative, energetic, international luxury business with excellent growth prospects. We are delighted with the outcome of this deal which has delivered a good return for our investors. We are also proud of what we have achieved with The Rug Company and we wish Christopher, Suzanne and the team well for the future.”
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