Exponent Private Equity has acquired ladies handbag brand Radley in a secondary buy-out from Phoenix Equity Partners.

Exponent Private Equity has acquired ladies handbag brand Radley in a secondary buy-out from Phoenix Equity Partners.
The deal, which values the company at £130 million, bags Phoenix £64 million – a multiple of 3.8 times its original investment of £16.8 million. However, Phoenix has ploughed £15 million back into the new deal.

Pragma acted for Exponent in the deal, undertaking commercial due diligence on the brand and women’s handbag-buying habits. Managing director Monica Lucas said: “Radley is an exceptional brand, with high levels of awareness in a relatively unbranded sector. It has wide appeal across ages and end-uses and has attracted a loyal following.”

Radley bags are sold in department stores and in more than 500 independent outlets. Lowell Harder, who retains a minority stake, started selling bags on Camden market.