Thu, 12 Nov 2015 | BUSINESS SALE
Founders of The Rug Company have completed a multi-million pound sale of a majority stake in their company to private equity firm Palamon Capital Partners.
The Notting-Hill based company, which was launched by husband and wife team Christopher and Suzanne Sharp in 1997, has gained a strong presence in the UK and the US, and built a celebrity client list including George Osborne and Cameron Diaz.
British-born fashion designers Paul Smith, Vivienne Westwood and Alexander McQueen have all previously designed for the company, which has seen sales grow from £11 million to £23 million since 2008.
Each of the firm's rugs are handmade in Nepal using traditional knotting techniques, taking an average of four months to make with contributions from 20 people.
The Rug Company has been sold by Mr and Mrs Sharp and Piper Private Equity, which purchased a minority stake in the business in 2008, to Palamon Capital Partners.
According to Pascal Noth, partner of Palamon, the buyout house was particularly attracted to the high level of craftsmenship involved, which protects the company from competition from rival businesses.
Although the firm is already the largest luxury rug company, Palamon has revealed that it intends to grow the business into the US and Germany.
"With consumers increasingly seeking hand-crafted quality products with heritage we see fantastic potential in scaling the business from the strong base established by Christopher and Suzanne, into a truly global company,” Mr Noth said.
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