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Pacific Direct

Founded in 1991, Pacific Direct is the world’s leading manufacturer and supplier of branded amenities to the luxury hotel and cruise markets. Their ‘brand boutique’ concept miniature versions of luxury retail branded toiletry products – was a first in the hotel industry, and has attracted many prestigious clients including The Ritz and The Dorchester.

Background

We had established a relationship with the company as far back as 2005 and developed a clear understanding of its markets and the issues it faced. In early 2008, we presented a management buy-out/buy-in proposal to the company’s founder which enabled her to retain an equity interest in the company whilst facilitating the transition to a new management team.

The Big Idea

From the very beginning, the Pacific Direct approach had been one of innovation and entrepreneurship but with limited investment in infrastructure to support the company. Our involvement provided the company with the much needed investment in management, systems and infrastructure to enable it to continue an organic growth strategy across its global operations.

The Grand Plan

After we backed the business, we recruited a complete team to manage the company, enabling the founder to disengage from the business as planned.  New manufacturing capabilities were established in North America, China and the Middle East and exciting, high profile new brands, including Asprey, Neal’s Yard, Body Shop and Orla Kiely, were added to the brand portfolio.

The Bottom Line

The business continued to expand its global coverage into over 130 countries, winning major new contracts, including with Ritz Carlton.  It was sold to ADA Cosmetics in September 2015, generating a return of over 3x the cost of investment.

 

Pacific Direct logo

Investment Summary

Date of Investment:  April 2008
Deal status:  Realised

Date of realisation: September 2015

Investment return multiple: 3.2x cost
Company website:  www.pacificdirect.co.uk
For more information talk to:  Charles Gonszor or Alec Parkinson

 

"I have worked with many private equity houses and find Primary an intelligent and patient partner.

   Their depth of experience means nothing fazes them. They have been through several economic cycles together.

   Their decision-making process is quick, clear and rational.

   Their wide network and exacting standards has enabled them to introduce some highly specialised consultants and advisers who have added real value to the business.

   The input and analysis through their Board seat has been incisive and useful especially in supplementing the more specialist technical aspects of forex and debt management.

   The bottom line for them is always driving shareholder value. As a chair I find them very supportive of difficult decisions and would definitely work with them again."


Linda Wilding, Chairman, Pacific Direct

 

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