Private-equity company Quadrant Growth Fund has bought a controlling stake in Sydney-headquartered sleepwear and loungewear label Papinelle for an undisclosed amount. 

Focused on high-quality, ethically-made apparel using natural fabrics, Papinelle was founded in 2003 by Renae James with a stall at Sydney’s Paddington Markets. It has since grown into an international brand with a strong online presence, wholesale and retail channels. James, now CEO, says the investment will help the brand achieve its next stage of growth. 

“We have an amazing team, amazing product and with Quadrant’s focus and expertise alongside ours, we are ready to fully realise the global potential of our brand.” 

James and her existing partners – Nicole Kelly, the brand’s creative director, and John Kelly – will remain shareholders and Quadrant has appointed one of its partners, Simon Pither to the apparel brand’s board, along with Quadrant’s investment director Louise Haslehurst. 

Pitcher said Papinelle’s established brand and runway for global growth attracted his company’s interest, particularly “the rapidly growing e-commerce channel and the development of strategic international wholesale relationships”.

“From our first meeting, it was clear that Renae, Nicole and John would be great partners,” added Haslehurst. “We look forward to providing strategic assistance to the Papinelle team as they continue their international expansion and capital to accelerate growth.”

Nicole Kelly described Quadrant as one of Australia’s leading private-equity firms, well-qualified to take the Papinelle brand under its wing. 

“We have worked hard to establish Papinelle globally with premium wholesale relationships, our own retail stores and our high growth e-commerce channel. Partnering with Quadrant’s incredible team to expand Papinelle further is the perfect next stage on our brand journey.”

Quadrant’s investment in Papinelle will be the eighth investment from its $400 million Quadrant Growth Fund which was raised in April 2019.