Case 1 — PE done right

LDC / LeMieux

Lloyds Development Capital · minority stake · 2021

Stake typeMinority — founders retained control
Investor typeInstitutional, patient — arm of Lloyds Banking Group
Revenue change~£22M → £59M in 4 years (168% growth)
Headcount185% growth
Brand DNAIntact — Royal Warrant, Stella McCartney collab
Founder roleStill in control of the brand

Verdict so far

Capital accelerated the brand without consuming it

Case 2 — still unresolved

Promus Equity / Dover

Promus Equity Partners · majority acquisition · 2022

Stake typeMajority — founders not in the picture
Investor typeMulti-family office affiliate, Chicago
Revenue change~$158M estimated — no public data post-acquisition
Expansion moveFranchise program launched 2023
Brand DNAUnknown — franchise model stresses "riders selling to riders"
Founder roleJim Powers: "I love Dover Saddlery" — no operational role

Verdict so far

Optimizing for scale — the community trust question is open