Private equity firm PPM Ventures has successfully auctioned the Sierra Group, owner of high street fashion chains Oasis and Coast, for almost three times its original investment.

Sierra, acquired by PPM for GBP54 million in 2001, has been sold to Icelandic retail company Baugur Group for GBP152 million.

Both Sierra-owned chains have achieved significant sales growth in their two years under PPM, with Oasis increasing its number of stores from 130 to 189 and Coast experiencing a complete profitability turnaround.