Partial disposal of investment in Monica Vinader Ltd.
February 8th 2016
Achieves 12x return on original 2010 investment
(London, UK) Beringea, the growth capital investor, announced today that it has partially realised its investment in Monica Vinader. The realisation was made as the affordable luxury jewellery brand welcomed on board two new investors – Piper and Winona Capital.
Piper, one of the UK’s leading specialist investors in consumer brands, has led a £20 million investment into Monica Vinader. Alongside its investment of £14 million, Piper also brought in US consumer specialist Winona Capital, who have invested £6 million. A portion of the funding will be used to help accelerate growth in the US.
As part of this transaction Beringea has sold 60% of the ordinary shares held by its ProVen VCTs, achieving a return of 12 times cost on its original 2010 investment, whilst allowing the VCTs to retain an equity stake in the company. The IRR on the ordinary shares being sold is over 70%.
Monica Vinader founded her eponymous business in 2007 to provide customers with affordable luxury pieces that bridge the gap between costume and fine jewellery. The brand quickly became renowned for its iconic friendship bracelets, vibrant gemstones and cutting edge diamond pieces enable customers to style, stack and personalise their jewellery.
Beringea first invested in Monica Vinader in August 2010, making subsequent investments in 2013 and again in 2014. The investment was originated by Beringea’s Chief Investment Officer, Karen McCormick, who was a director of the company from 2010 to 2015. Karen’s close working relationship with the firm has supported it through a period of exceptional growth.
Karen McCormick commented: “Since Beringea first invested in 2010, Monica and Gabriela Vinader and their outstanding team have delivered exceptional growth and the business has gone from strength to strength. We are thrilled to be able to continue working with the team as they enter this exciting next stage.
“The new investment and expertise from Piper and Winona will support the continued growth of the business, enabling the further roll-out of Monica Vinader boutiques as well as allowing it to expand its distribution network through other outlets, particularity in the U.S.. We are excited about the fantastic growth opportunities, and confident that the team will continue to develop Monica Vinader into an iconic global brand.”
Stuart Veale, Managing Partner at Beringea, added “Monica Vinader’s success illustrates how a creative and innovative business can flourish when a dedicated and highly‐skilled management team is able to work in partnership with experienced and knowledgeable investors. We are delighted that this partial realisation will crystallise some great returns for the ProVen VCTs’ shareholders, whilst allowing us to remain involved with the business as it navigates the challenges and opportunities ahead.”
Monica Vinader said: “Beringea are a supportive and active partner and we are delighted to continue working with them as we start this exciting next stage of growth.”
The business, which is run by Monica and her sister Gabriela, currently has three Monica Vinader stores in London, and its jewellery can also be found in leading department stores like Harrods and Selfridges. It also has a rapidly growing global footprint, particularly in Asia and the U.S.. Worldwide, Monica Vinader has 168 employees and sales have tripled in the last three years to reach more than £20m.