Gresham out of uniform

Gresham has made a successful exit from its December 2000 investment in Dimensions Holdings, the corporatewear supplier to the retailing sector. Gresham has sold its interest in the business to Johnson Service Group plc for a consideration of up to £27.4m, having paid just £14.6m for the business when it was bought from Semara Holdings plc. Fortis provided the debt on Gresham’s original buyout of the business.

Simon Inchley, a director at Gresham, originated the deal, and Neil Scragg, Gresham’s portfolio director, worked alongside the management team of Dimensions Holdings since the buyout, helping to implement an organic growth programme.

Gresham was unable to comment on the exact returns provided by the deal, but that they are pleased with the deal’s success. Stephen Craik of KPMG Birmingham and Paul Hayward of Gateley Wareing Birmingham acted for the shareholders in the disposal to Johnson Service Group.