Smith Cooper have completed a landmark private equity led management buy-out of an online garden retailer. Primrose was backed by BGF and had grown to circa £40m of revenues per annum at the time of the deal.
The deal originated through Smith Cooper’s Corporate Finance division, who worked closely alongside Mark Pearson, former CEO of Gardman Group and Solus Garden & Leisure, to identify several acquisition opportunities. Primrose was selected as the preferred investment due to its range of own brand products and market leading position.
Smith Cooper supported on raising equity and debt finance to form a buy-out which was ultimately finance by Rockpool and Oaknorth. Rockpool has now become the majority owner of the new group, with the management team investing in a significant stake.
In light of the successful completion of the deal, Mark said: “Primrose has already established an enviable reputation within the marketplace and presents a fantastic opportunity to capitalise on its existing position, whilst exploring new opportunities.
“I appointed the Smith Cooper Corporate Finance team to create this deal for me. They identified the target, raised the finance and supported me through the whole process. The team’s dedication to getting the deal done was exemplary.
“Not only were they innovative they also had the tenacity to make it happen. The team involved were highly professional in their dealings with vendors, PE house and primrose management.”
Smith Cooper’s deal team comprised Darren Hodson, Partner and Tom Joy, Corporate Finance Senior Executive.
Darren said: “I am delighted to have played a part in the successful completion of this landmark deal. The company has established an enviable reputation and is well positioned to capitalise on the current market place. Mark has some compelling ideas on how to accelerate growth for the business.”