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PPM Ventures announces £152m sale of Oasis

Mid-market private equity firm PPM Ventures has announced the sale of Sierra Group, the holding company for high street fashion chains, Oasis and Coast. Icelandic retail group and investment company, Baugur Group, is to acquire the company for £152m.

PPM acquired Oasis stores in a £54m take-private transaction in 2001. Since then the number of Oasis outlets has increased from 130 to 189 and Coast has also experienced significant growth having been transformed from a loss-maker into an important profit contributor.

‘We are delighted by the success of our investment in Oasis and Coast,’ said Gareth Whiley, director at PPM Ventures. ‘We recognised the potential of the two brands and their excellent management team in 2001 and it has been a pleasure being involved in bringing that potential to fruition.’

PPM has also announced the £56m acquisition of UK discount department store operator TJ Hughes from JJB Sports.

‘With the experiences and resources of PPM behind it, TJ Hughes will be able to exploit its unique position in the retail landscape,’ Whiley commented. ‘The concept of quality discount retailing is set for significant growth and TJ Hughes is best placed to benefit from this, with no direct competition in the UK and a highly capable management team.’

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