Completion of a landmark private equity led management buy-out with Europe’s largest dedicated online garden products retailer, Primrose, has been finalised in a deal advised by the Corporate Finance division of Smith Cooper.
Established in 2003, Primrose offer their customers market leading garden and outdoor leisure products including water features, awnings, sail shades, pest control products, planters and screening.
Primrose source their products from suppliers in the Far East and sell direct to the UK and European consumers via its websites.
Smith Cooper Corporate Finance initiated the deal, working with Mark Pearson, former CEO of Gardman Group and Solus Garden & Leisure, to identify acquisition opportunities. Primrose became the preferred investment because of its market-leading position and extensive range of own-brand products.
Smith Cooper also supported on raising equity and debt finance, the buy-out ultimately being financed by Rockpool and OakNorth, with Rockpool becoming the majority shareholder of the new group.
Mark Pearson, who has become Primrose’s new CEO commented “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 but 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.”