Gresham Trust has sold its stake in UK-based John Hampden Press in a secondary buyout transaction. Gresham Trust financed the original management buyout in 1991, valued at GBP2.7 million. NMB Heller, Royal Bank of Scotland and Close Asset Finance have provided a debt funding package for the secondary buyout and refinancing of the business. Total acquisition and working capital finance raised was GBP2.6 million. The business is now 100 per cent owned by its management.
John Hampden Press is a manufacturer of branded retailer packaging and is a major supplier to the UK garment industry with international operations in Sri Lanka and Hong Kong. The management team is led by managing director, Patrick Long and includes marketing and sales director, Peter Whitehurst and production director, Kevin Harris. The team has over 50 years’ experience in the printing and packaging sector.
The company has been renamed John Hampden Packaging to more accurately reflect the group’s business activities. Managing director Patrick Long said: “The directors are excited about the new venture and the prospects for the future and we are convinced that our customers and suppliers will all benefit from a continued business relationship in 2002.”