Duke Street Capital Explained

Duke Street Capital
Type:Private
Location:London,
United Kingdom
Industry:Private equity
Products:Leveraged buyout, Growth capital
Assets:£2.6 billion
Homepage:www.dukestreet.com
Num Employees:45+

Duke Street Capital is a private equity firm focused on leveraged buyout and growth capital investments in middle-market companies in Western Europe, particularly the UK and France. Duke Street invests across four sectors: consumer, healthcare, industrials/engineering, and services. It focuses on companies with an enterprise value up to £400 million.[1]

History

The firm which is based in London was founded in 1988 as Hambro European Ventures, the private equity investment arm of Hambros Bank. The principals of the firm completed a spinout from Hambros in 1998, following the bank's sale to Société Générale, and changed the name of the firm to Duke Street Capital Management Services[2] and in 2008 to Duke Street Management Services.[3] In June 2013, Duke Street sold a 35 per cent stake in itself to Tikehau Group, a French fund manager.[4] [5] In August 2018, the company rebranded as Duke Street Capital.[6] The firm's managing partners are Charlie Troup[7] and James Almond.[8]

The firm has raised approximately £2.6 billion since inception across six private equity investment funds.[9]

Duke Street, with Hutton Collins, acquired noodle restaurant chain Wagamama in March 2011 for £215 million from Lion Capital[10] [11] and announced its funding of the national and international expansion of the business.[12]

In February 2012, Duke Street acquired a majority stake in legal services firm Parabis Group.[13] [14] In December 2014, Duke Street invested a further £13 million into Parabis Group to support substantial reforms in response to the Legal Services Act 2007,[15] but in 2015, wrote down their £21.4 million investment.[16]

Among the firm's other notable investments are Gala Bingo,[17] Equity Insurance Group,[18] [19] Burton's Foods,[20] Esporta Health Clubs, Getty Images, The Original Factory Shop, LM Funerals, Marie Brizard,[21] Megabowl Oasis,[22] Great Mills[23] and Payzone.[24] In August 2015, Duke Street, with Searchlight Capital Partners, acquired controlling interests in two British construction equipment rental firms, Fork Rent and One Call Hire.[25] In October 2017, Duke Street, backed by Goldman Sachs, acquired TeamSport Go Karting,[26] [27] the largest UK go karting operator ranking second largest globally, which was bought out by management in 2013.[28]

In July 2018, Duke Street, for a sum of around £100million, became the new owner of Great Rail Journeys, a tour operator that offers escorted worldwide rail tour holidays, based in York.[29] [30]

In November 2022, Duke Street acquired engineering services firm Suir Engineering from Dalkia and EDF Energy.[31] [32]

External links

Notes and References

  1. Web site: How Duke Street acquired TeamSport . 2023-11-23 . London Business School . en.
  2. Web site: June 2007 . Memorandum submitted by Duke Street Capital . 27 November 2023 . House of Commons - Treasury.
  3. Web site: DUKE STREET CAPITAL LIMITED overview - Find and update company information - GOV.UK . 2023-11-27 . Companies House . en.
  4. Web site: Tikehau buys 35% stake in Duke Street . 2023-11-28 . www.ft.com.
  5. Web site: Sormani . Angela . 2013-06-27 . Duke Street and Tikehau Announce Strategic Partnership . 2023-11-28 . PE Hub . en-US.
  6. Web site: 23 August 2018 . Certificate of Incorporation on Change of Name . 27 November 2023 . Companies House.
  7. News: Chong . Liz . 2023-11-27 . Senior dealmaker defects from Permira to Duke St . en . The Times . 2023-11-27 . 0140-0460.
  8. Web site: About . 2023-11-27 . Duke Street . en.
  9. Including funds raised prior to the spinout from Hambros
  10. Web site: Alves . Joice . Duke Street Scores 3.4x Multiple on Wagamama Sale . 2023-07-19 . www.penews.com . en-GB.
  11. News: 2011-03-24 . Duke Street agrees wagamama noodle-chain deal . en . Reuters . 2023-07-19.
  12. Web site: Gren . Christy . 2011-03-26 . Duke Street Capital acquires Wagamama for £215 million . 2023-07-23 . Industry Leaders Magazine . en-US.
  13. Web site: 2012-02-06 . Duke Street buys large stake in claims firm Parabis . 2023-07-23 . Insurance Times . en.
  14. Web site: Private equity house takes majority Parabis stake in law firm LBO first . 2023-07-23 . Law.com International . en-gb.
  15. Web site: Hyde . John . 2014-12-05 . Parabis gets £13m private equity injection . 2023-07-29 . Law Gazette . en.
  16. Web site: Hyde . John . 2015-11-05 . Duke Street writes down £21.4m Parabis investment . 2023-07-29 . Law Gazette . en.
  17. https://www.telegraph.co.uk/finance/2758317/Gala-hits-the-jackpot.html Gala hits the jackpot
  18. https://www.nytimes.com/2005/03/17/business/world-business-briefing-europe-britain-insurer-accepts-buyout-bid.html Europe: Britain: Insurer Accepts Buyout Bid
  19. http://www.altassets.com/news/arc/2006/nz9896.php Duke Street and Englefield exit Equity Insurance Group in £570m deal
  20. http://business.timesonline.co.uk/tol/business/industry_sectors/consumer_goods/article1386688.ece Duke Street is front-runner in Burton’s Foods race
  21. http://www.altassets.com/news/arc/2006/nz8469.php €397m Marie Brizard exit for Duke Street
  22. https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/privateequity/9322044/Oasis-eyes-sale-to-double-dentist-practices.html Oasis eyes sale to double dentist practices
  23. https://www.nytimes.com/2000/12/06/business/company-news-british-investment-firm-to-buy-home-improvement-chain.html BRITISH INVESTMENT FIRM TO BUY HOME IMPROVEMENT CHAIN
  24. https://www.siliconrepublic.com/companies/private-equity-group-takes-69pc-stake-in-payzone Private equity group takes 69pc stake in Payzone
  25. News: Langworth. Hannah. Real Deals. Caspian Media. 25 August 2015.
  26. Web site: How Duke Street acquired TeamSport . 2023-07-30 . London Business School . en.
  27. Web site: 18 October 2017 . Wagamama owner wins race for takeover of go-karting group . 30 July 2023 . sky news.
  28. Web site: 2017-10-24 . GCA Altium in pole position with TeamSport sale TheBusinessDesk.com . 2023-07-30 . North West . en.
  29. Web site: 2018-07-02 . Great Rail Journeys acquired by Duke Street . 2023-08-06 . Travel Weekly . en.
  30. Web site: 2018-06-12 . Rail travel group sets sale to Duke Street in £100m deal . 2023-08-06 . Sky News . en.
  31. Web site: Healy . Alan . 2022-11-15 . Waterford's Suir Engineering acquired in deal worth up to €80m . 2023-07-16 . Irish Examiner . en.
  32. Web site: 2022-11-14 . Suir Engineering acquired by UK private equity group Duke Street . 2023-07-16 . Independent.ie . en.

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