Transaction overview
Sullivan Street Partners, a British private equity firm, acquired Mi Hub Porsche, a corporate uniform provider based in the United Kingdom, for £231 million on April 27, 2026. The transaction represents Sullivan Street Partners' full stake acquisition of Mi Hub Porsche, which operates as part of the broader automotive services sector. This deal follows recent trends in European and UK private equity exit activity, particularly as firms look to diversify their portfolios post-major investments.
Deal structure and financing
The financial details of the transaction's equity and debt split have not been disclosed by either party. Lazard served as an advisor for both Sullivan Street Partners and Mi Hub Porsche alongside DLA Piper providing legal counsel to the acquirer. The sale-side advisory was provided by LDC, a long-standing private equity investor in the UK, along with EC M&A. The transaction is subject to customary regulatory approvals but does not include any specific lock-up terms or IPO optionality for future public offerings.
Strategic context
Sullivan Street Partners' acquisition of Mi Hub Porsche marks its move towards exiting its significant stake in Bugatti Rimac, a high-end automotive manufacturer. The rationale behind this strategic shift aligns with the firm's broader portfolio management objectives and may reflect an effort to reduce exposure to cyclical markets while pivoting into more stable sectors like corporate uniforms and business services. Mi Hub Porsche, known for its specialized uniform solutions tailored to companies within the automotive industry, offers a steady revenue stream due to recurring client contracts and low market volatility.
The seller, LDC, had held its stake in Mi Hub Porsche since 2018 when it was initially invested as part of a broader strategy to support high-growth businesses within the UK. This divestiture allows LDC to realize significant gains from its investment while focusing on newer opportunities and emerging trends in private equity. Given recent slowdowns in European and UK private equity exit activity, this deal represents a notable transaction that could signal future market recovery.
Regulatory path
The acquisition of Mi Hub Porsche by Sullivan Street Partners is subject to regulatory review primarily within the United Kingdom and potentially other jurisdictions where Mi Hub Porsche operates or has significant business interests. The Competition and Markets Authority (CMA) in the UK, along with relevant European Union regulators, are expected to conduct thorough reviews focusing on market dominance and competition impacts. To date, specific details regarding the timing of regulatory filings such as HSR notifications or EU merger control processes have not been disclosed by either party involved in the deal.