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Phoenix sells majority stake in UK handbag company Radley to Exponent10/12/2007. Source: AltAssets. 
 UK private equity firm Phoenix Equity Partners has sold its majority shareholding in ladies handbag, luggage and accessories company Radley to mid-cap private equity firm Exponent Private Equity in a secondary buy-out. The transaction values the business at £130m.
Phoenix acquired a majority stake in the handbag maker with its distinctive dog motif alongside company management in February 2006.
Radley's revenues are expected to exceed £60m in the year to the end of April 2008 and have increased by an average of nearly 30 per cent for each of the past five years, according to a statement.
Richard Tudor of Exponent said, 'We are very pleased to be involved with Radley. It has all the hallmarks of the kind of business we like: it is the leader in its field, it has a fantastic management team and the growth prospects are exciting.'
Exponent was established in 2004. To date, the firm has completed eight investments, including the acquisition of the TSL Education business from News International for £235m in October 2005; the acquisition of Discovery Group for £82m in April 2006 and the acquisition of Trainline from Virgin for £163m in June 2006.
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