Two PE firms, one transaction: a flow diagram showing that when a US rider buys Romfh breeches at Dover, NCK Capital owns the brand and Promus and TriArtisan own the retailer — private equity sits on both sides.

The brand

Romfh / English Riding Supply

Owns Romfh, Ovation, One K labels

Acquired by NCK Capital, 2022

NCK Capital: 3 employees, 4 total investments, based in Dallas. Majority acquisition. Founder Laura Romfh is no longer in the building.

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The shelf

Dover Saddlery

Dominant national equestrian retailer · 37 stores

Acquired by Promus + TriArtisan, 2022

Promus Equity Partners (Chicago multi-family office) + TriArtisan Capital Advisors (New York). Second PE transaction for Dover — Webster Capital took it private in 2015.

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The buyer

The rider at the register

Buys Romfh breeches at Dover, in store or online

Margin captured at both layers. Neither the founder nor the rider owns any of it.

PE firm on the brand

NCK Capital

Dallas · 3 employees

PE firm on the shelf

Promus + TriArtisan

Chicago / New York

Transaction year

Both 2022

Independent transactions