Case Studies

Case Study: Mountain Warehouse

The Company:

Founded by entrepreneur Mark Neale in 1997 Mountain Warehouse has grown from a single store in Swindon to become one of the UK's leading retailers of outdoor clothing and equipment. Mountain Warehouse's core philosophy is to provide fantastic value for money, great quality products, be family-focused and provide excellent customer service.

Added Value:

  • In 2010 LDC acquired a significant minority holding in Mountain Warehouse in a transaction valuing the business at over £50m
  • The transaction provided a platform for LDC to support the company's ambitious expansion plans, further store openings, a new higher-end clothing range and buy-out its existing investor, KCAJ
  • Since 2010, the retailer opened 60 stores and created over 500 jobs


  • In 2013, the management team completed an £85m acquisition of the business backed by Royal Bank of Scotland and Alcentra
  • Mountain Warehouse grew strongly over the three years of LDC’s investment despite the challenging consumer environment, with turnover rising from £47.5m (2010) to £75.6m (2013)
  • The exit transaction enables the management team to take full ownership of the 169-strong chain, while providing an exit for LDC
  • The transaction delivers a strong return for LDC, more than doubling its original investment within three years
"This was an excellent deal for Mountain Warehouse. It provided us with additional capital to help fund our store opening programme and our new higher-end clothing range. “It also gave us access to LDC's extensive sector knowledge and experience.”
Mark Neale, CEO


  • £47m buy-out
  • 60 store openings
  • 500 jobs created
  • 59% increase in turnover
  • £85m management buy-back
  • Money Multiple x 2