Barclays Private Equity sells DCK stake

Barclays Private Equity and Invex Capital have sold their stakes in DCK Concessions to Bank of Scotland Integrated Finance in a £55m deal. The exit generated an IRR of 50% for Barclays Private Equity.

The £44m management buyout was originated by Invex Capital, an investment boutique specialising in management transactions, and was led by Barclays Private Equity in March 2003.

DCK Concessions is a UK-based fashion jewellery and accessories concession retailer, which operates from high street fashion retail chains such as TopShop and Dorothy Perkins.

The business has grown significantly since the buyout with profits nearly doubling (from £4.4m to £8.3m) during this period. The number of concessions has also grown by approximately 80%, from around 1,900 to 3,429 at exit.

John Walker, director, Barclays Private Equity, said: “Our experience in working with retailers such as New Look, Hobbs, Antler and Phase Eight has been useful in our understanding of the challenges on the high street, which can sometimes be turbulent. However, in DCK Concessions we backed a high quality management team who have helped to make this investment a smooth ride for us.”