Sales for Monica Vinader have quadrupled to c. £100m since 2016, driven by a market-leading omni-channel platform and growing presence in the US and China
Bridgepoint has today announced that Bridgepoint Development Capital IV (BDC IV), a fund focused on investing in mid-market growth businesses, has agreed to make a strategic investment in the renowned affordable luxury brand Monica Vinader.
As part of the transaction, the ProVen VCTs, Piper, one of the UK’s leading specialist investors in consumer brands, and Winona Capital, the US consumer specialist, will sell their stakes in Monica Vinader to Bridgepoint. Financial terms of the transaction were not disclosed. Monica (CEO) and Gabriela Vinader (MD), who hold a minority stake in the business, will continue to lead the business supported by their strong functional team.
Launched in 2008, Monica Vinader is an award-winning British demi-fine luxury jewellery brand, with sustainability and social responsibility at the forefront of its decision making. Its popular and affordable products are sold in over 70 countries and the company employs more than 350 people worldwide. The customer-centric brand is digitally led with a strong online presence, complemented by 19 international stores, concessions and partner network.
Monica Vinader has achieved strong growth in recent years, driven by a loyal following including celebrities and social media influencers. Overall sales have quadrupled to c. £100m since 2016 and the purpose-led brand has established positions in further global markets including China and the US.
The latest strategic investment builds on Bridgepoint’s growing track record and expertise in supporting entrepreneurs and founders of premium consumer and digitally led businesses, including Vitamin Well, the Nordic functional drinks business; Seraphine, the maternity wear brand; Groupe Thom, the leading French jewellery retailer and Molton Brown, the British fragrance brand.
In 2016, Piper invested £14m as part of a £20m investment into the business, alongside Winona Capital, to help the brand accelerate direct to consumer sales and grow its US operations.
Monica Vinader, CEO and founder, said: “We look forward to the next chapter of our journey and working with the team at Bridgepoint to continue to grow and develop the brand. We would like to thank the excellent team at Piper and Winona Capital for all their support and expertise, especially during this extended period of unprecedented global challenges. We are grateful for all their hard work and guidance in helping us develop into a truly global brand legend.”
Maria Wagner, Partner at Beringea, the investment manager of the ProVen VCTs, commented: “Since our initial investment in 2010, it has been a remarkable journey working with Monica and Gabriela Vinader. They are two exceptional entrepreneurs who have taken a passion for design and a belief in affordable luxury and translated it into a brand that has scaled to become an international success story. We wish them every success with this exciting next chapter.”
Troy Harris-Speid, Director at Bridgepoint Development Capital, said: “Over the past 15 years, Monica Vinader has built a hugely impressive international and purpose-led brand with a loyal customer base at its heart. We share the leadership’s team ambition to grow their global community through a digital-first approach, complemented by an own-store and partner network to reach customers however they shop. We look forward to partnering with the Monica Vinader team during its next stage of growth.”
Chris Curry, Chairman and Manger Partner at Piper, said: “It’s been a pleasure to work with Monica, Gabriela and their team and see the brand expand into new territories, while always retaining its focus on the high quality and sustainability of its products. Even in difficult times, the brand has continued to reach and delight new customers – testimony to the strength of its offering. We wish the team every success for the future.”
The transaction is expected to close on 31 March 2023. It marks the ninth platform investment by BDC IV, and its fourth in the UK.
The shareholders of Monica Vinader were advised by Houlihan Lokey (Financial Advisor), Pinsent Masons (Legal Advisor) and PWC (Vendor Due Diligence).
The shareholders of Bridgepoint were advised by Highstead (Financial Adviser), Ropes & Gray (Legal Advisor), OC&C (Commercial Due Diligence), 8Advisory (Financial, Tax and Operations).
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Find out more about the ProVen VCTs’ annual shareholder event, which featured insights from Beringea, the investment manager, the boards of the two funds, as well as several of the companies from the portfolio
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