Quadrant buys Australia sleepwear brand

Quadrant is investing via its debut growth fund, which raised A$400 million ($289 million) in 2019 and writes checks of A$30-50 million for minority and control positions in lower middle-market companies.

The private equity firm launched the strategy to take advantage of opportunities being overlooked by its flagship buyout funds, which have become larger with each vintage. It closed its latest fund at A$1.24 billion late last year.

It comes four months after confirmation that Justin Ryan, a managing partner at Quadrant who led the growth strategy, would step down from the firm. No details were given as to Ryan’s next move, but he will remain chairman of online cosmetics retailer Adore Beauty and industrial goods auction platform Grays.

Papinelle opened its first shop in Sydney in 2004, where it maintains its flagship store, and has since expanded to five locations across Australia and New Zealand. Its product line includes a range of pajamas, robes, underwear, and loungewear, as well as bathroom accessories and children’s clothing.

The brand is positioned as ethically made, using natural, high-quality fabrics, including pure silks and organic cottons. Quadrant will support an ongoing international expansion, which has seen Papinelle establish a North American presence both online and in department stores David Jones, Nordstrom and Dillards.

Simon Pither and Louise Haslehurst, respectively a partner and investment director at Quadrant, will join the Papinelle board. “We are attracted to Papinelle’s established brand and runway for global growth, particularly through the rapidly growing e-commerce channel and the development of strategic international wholesale relationships,” Pither told The Australian Financial Review.

This is the seventh transaction by Quadrant’s growth fund and the fifth in lifestyle retail. Previous deals include smart phone accessories maker Quad Lock, baby care brand Love To Dream, underwear brand ModiBodi, and Adore Beauty, which raised A$269.5 million last year in a domestic IPO, providing a partial exit for Quadrant.

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• Topics
• Australasia
• Buyouts
• Consumer
• Australia
• Quadrant Private Equity
• e-commerce