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Duke Street and Europa Capital exit Sandpiper

Duke Street and Europa Capital have agreed to sell their respective stakes in Channel Islands’ retailer Sandpiper. No financial terms were disclosed. A Channel Islands’ investor group is the the buyer.

PRESS RELEASE

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.”

Noel Manns, Europa Capital Principal, added:
“We have worked closely with management since 2007 to transform the Sandpiper business. We believe there is a great future for Sandpiper and we wish Tony and his talented team all the best for the future under the Consortium’s ownership. The Channel Islands is an excellent place to do business and we are sad to be ending our investment with Sandpiper and the islands for now, albeit we continue to use financial services from the islands.”

David Lowe Chairman of Bailiwick Investments Limited
“This acquisition continues the Company’s strategy in acquiring significant stakes in well run businesses which are managed and based in the Channel Islands. We are very pleased that Sandpiper, which serves the local community has returned to local ownership and we look forward to working closely with the excellent management team lead by Tony O’Neill.“
Sandpiper, Duke Street and Europa were advised in relation to the transaction by Canaccord Genuity (Corporate Finance) and DLA Piper (Legals).

The Consortium was advised in relation to the transaction by Carey Olsen (legals) and BDO (accounting and Tax).

About Sandpiper

Sandpiper is the Channel Islands’ leading retailer, operating 55 stores in the Channel Islands and nine internationally:

Its Channel Islands based portfolio includes 24 convenience, grocery and forecourt retail stores under the Checkers Xpress, Food Hall, Island Shopper and Wine Warehouse facias

Sandpiper also operates 11 blue-chip food and apparel brands, through some 31 outlets under franchise in the Channel Islands. These include M&S, Iceland, Costa Coffee, Jack Wills, Crew Clothing, Moss Bros, Hotel Chocolate, Moss Bros, Greggs, Pasty Presto, and George
Sandpiper is also working with Costa to develop its brand in Madrid, Andalucia and Gibraltar.

There are currently nine stores open with four more to come in the next three months, with the intention to open up to 75 over the next four years.

As a result of the development of Costa in Spain, Sandpiper is working with selected franchise partners to introduce their brands into Iberia in the next 18 months.
About Duke Street

Duke Street is a leading operationally focused European mid-market buyout group, founded in 1988. It is currently investing across five sectors: healthcare, business services, consumer, financial services and industrials/engineering. Duke Street has a proven model of value creation by successfully transforming businesses through implementing operational change and buy-and-build, having made nearly 60 bolt-on acquisitions for its portfolio companies. The firm is supported by its strategic partner and shareholder, Tikehau Capital, a leading alternative asset manager investing across public and private debt, equity and real estate, with €6.5 billion of assets under management.

www.dukestreet.com

About Europa Capital

Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors. Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 90 transactions totalling some €9.0 billion across 18 European countries. The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.

www.europacapital.com

About Ravenscroft Limited
Ravenscroft (formerly Cenkos Channel Islands) is an independently owned investment services group based in the Channel Islands which has £2.06bn of assets under administration for both private clients and institutional clients from around the world.

Ravenscroft is licensed and regulated by the Guernsey Financial Services Commission, regulated by the Jersey Financial Services Commission and is listed on the Channel Islands Securities Exchange. We are also members of both the London Stock Exchange and Channel Islands Securities Exchange.