Published: Mar 12, 2013
Focus:
Growth Capital
Maven's Birmingham team has led the successful partial exit from its investment in Homelux Nenplas Limited via the sale of the Homelux Division to US firm QEP Company Inc.
Maven manages around 50 later-stage private companies around the UK, and has a track record of achieving profitable portfolio exits for its Venture Capital Trust client funds, including five in 2012.
Homelux is a leading global supplier of tile accessories to the DIY and professional market. Specialising in the marketing and merchandising of kitchen and bathroom products, the business supplies home improvement outlets across the UK, Europe and North America. Since Maven invested in the management buyout of the business in 2006, in a transaction led by Andrew Ferguson of Maven’s Birmingham team, the company has grown quickly and following a strategic acquisition the group had increased turnover to almost £20 million.
The multi-million pound disposal of Homelux was completed alongside a secondary buyout of Nenplas by Maven and the existing management team. The transaction involved a complex demerger resulting in the sale of the Homelux Division whilst Maven retained a significant minority interest in the remaining business, Nenplas Holdings Limited.
Nenplas, which will continue to focus on delivering innovative extruded plastic products and solutions, is expected to grow significantly over the next few years through strong organic opportunities and by making new acquisitions supported by Maven.
Mike Collis, Portfolio Manager at Maven, said “We are delighted to have achieved a profitable exit from Homelux for our investors. Although we are unable to disclose the deal size, we are very pleased with the returns generated by the exit and are looking forward to working with the remaining managers to replicate this success with the Nenplas business.”
Rob Butcher, Managing Director of Nenplas, said “The deal will allow Nenplas to flourish going forward, with the building blocks in place to become the UK’s leading plastic extruder."
