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Duke Street Capital

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Duke Street Capital
Company typePrivate
IndustryPrivate equity
Founded1988; 36 years ago (1988)
HeadquartersLondon, W1
United Kingdom
ProductsLeveraged buyout, Growth capital
Total assets£2.6 billion
Number of employees
45+
Websitewww.dukestreet.com

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

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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]

References

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  1. ^ "How Duke Street acquired TeamSport". London Business School. Retrieved 23 November 2023.
  2. ^ "Memorandum submitted by Duke Street Capital". House of Commons - Treasury. June 2007. Retrieved 27 November 2023.
  3. ^ "DUKE STREET CAPITAL LIMITED overview - Find and update company information - GOV.UK". Companies House. Retrieved 27 November 2023.
  4. ^ "Tikehau buys 35% stake in Duke Street". www.ft.com. Retrieved 28 November 2023.
  5. ^ Sormani, Angela (27 June 2013). "Duke Street and Tikehau Announce Strategic Partnership". PE Hub. Retrieved 28 November 2023.
  6. ^ "Certificate of Incorporation on Change of Name". Companies House. 23 August 2018. Retrieved 27 November 2023.
  7. ^ Chong, Liz (27 November 2023). "Senior dealmaker defects from Permira to Duke St". The Times. ISSN 0140-0460. Retrieved 27 November 2023.
  8. ^ "About". Duke Street. Retrieved 27 November 2023.
  9. ^ Including funds raised prior to the spinout from Hambros
  10. ^ Alves, Joice. "Duke Street Scores 3.4x Multiple on Wagamama Sale". www.penews.com. Retrieved 19 July 2023.
  11. ^ "Duke Street agrees wagamama noodle-chain deal". Reuters. 24 March 2011. Retrieved 19 July 2023.
  12. ^ Gren, Christy (26 March 2011). "Duke Street Capital acquires Wagamama for £215 million". Industry Leaders Magazine. Retrieved 23 July 2023.
  13. ^ "Duke Street buys large stake in claims firm Parabis". Insurance Times. 6 February 2012. Retrieved 23 July 2023.
  14. ^ "Private equity house takes majority Parabis stake in law firm LBO first". Law.com International. Retrieved 23 July 2023.
  15. ^ Hyde, John (5 December 2014). "Parabis gets £13m private equity injection". Law Gazette. Retrieved 29 July 2023.
  16. ^ Hyde, John (5 November 2015). "Duke Street writes down £21.4m Parabis investment". Law Gazette. Retrieved 29 July 2023.
  17. ^ Gala hits the jackpot. The Telegraph, Mar 2002
  18. ^ Europe: Britain: Insurer Accepts Buyout Bid. The New York Times, March 17, 2005
  19. ^ Duke Street and Englefield exit Equity Insurance Group in £570m deal Archived June 12, 2008, at the Wayback Machine. AltAssets, December 2006
  20. ^ Duke Street is front-runner in Burton’s Foods race. The Times, February 15, 2007
  21. ^ €397m Marie Brizard exit for Duke Street Archived March 7, 2008, at the Wayback Machine. AltAssets, April 2006
  22. ^ Oasis eyes sale to double dentist practices. The Telegraph, January 9, 2012
  23. ^ BRITISH INVESTMENT FIRM TO BUY HOME IMPROVEMENT CHAIN. The New York Times, December 6, 2000
  24. ^ Private equity group takes 69pc stake in Payzone. Silicon Republic, February 8, 2010
  25. ^ Langworth, Hannah (25 August 2015). "Real Deals". Caspian Media.
  26. ^ "How Duke Street acquired TeamSport". London Business School. Retrieved 30 July 2023.
  27. ^ "Wagamama owner wins race for takeover of go-karting group". sky news. 18 October 2017. Retrieved 30 July 2023.
  28. ^ "GCA Altium in pole position with TeamSport sale | TheBusinessDesk.com". North West. 24 October 2017. Retrieved 30 July 2023.
  29. ^ "Great Rail Journeys acquired by Duke Street". Travel Weekly. 2 July 2018. Retrieved 6 August 2023.
  30. ^ "Rail travel group sets sale to Duke Street in £100m deal". Sky News. 12 June 2018. Retrieved 6 August 2023.
  31. ^ Healy, Alan (15 November 2022). "Waterford's Suir Engineering acquired in deal worth up to €80m". Irish Examiner. Retrieved 16 July 2023.
  32. ^ "Suir Engineering acquired by UK private equity group Duke Street". Independent.ie. 14 November 2022. Retrieved 16 July 2023.
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