Private equity firm Palamon Capital Partners is acquiring a majority stake in the Rug Co. from its original founders and minority shareholder Piper Private Equity.

The Rug Co., founded in 2007, handcrafts more than 300 styles of rugs and owns 10 showrooms worldwide, generating about $35 million in annual sales. The target collaborates with designers including Alexander McQueen and Paul Smith. Founders Christopher and Suzanne Sharp are keeping a stake in the company. Piper has invested in the target in 2007.

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