Same instrument, different result: a side-by-side comparison of two PE investments in equestrian brands. NCK Capital took a majority stake in ERS, the founder was displaced, and the outcome is unclear. LDC took a minority stake in LeMieux, the founders stayed in control, and revenue grew 160 percent in four years.

Majority · founder displaced

NCK Capital

English Riding Supply (Romfh, Ovation, One K)

Stake structure Majority acquisition
Acquisition year 2022
Firm size 3 employees, 4 investments
Founder status Departed (unconfirmed details)
Revenue trajectory Not publicly disclosed
Brand signal No public growth data

Outcome

Institutional majority owner, no founder in building. No verifiable revenue growth public. Brand runs on wholesale dependency through Dover — itself PE-owned by a separate firm.

Minority · founders retained

LDC (Lloyds Development Capital)

LeMieux

Stake structure Minority stake
Investment year March 2021
Firm backing Lloyds Banking Group arm
Founder status Lisa + Robert Lemieux, majority control
Revenue growth +160% since investment · £59.1M FY2025
Brand signal Royal Warrant · USEF partner · Stella McCartney collab

Outcome

Founders retained majority control. Revenue grew from ~£22M to £59.1M in four years. 46% gross margin, ~20% EBITDA margin. Attempted £150M sale in 2024 — no deal closed, business kept growing.

Same instrument: both are private equity investments in equestrian apparel brands, made in the same year. The difference is structure — majority vs. minority, founder displacement vs. founder retention. Revenue figures: LeMieux audited Companies House accounts; ERS not publicly disclosed.