Investee Company – Pimpernel International Ltd (UK)
Investee Company Business – Manufactures table mats and coasters
Type of Financing – Management buyout
Equity Providers – 3i
Equity Leader (Individual) – Ian Downing
Debt Providers – Royal Bank of Scotland
Debt Type – Senior, mezzanine, working capital facilities
Debt Leader (Individual) – Daniel Smith
Equity Amount – £10 million
Total Deal Value – £25 million
Other Advisors – Ian Beswick, Karen Edwards, James Ward at Tenon Corporate Finance Ltd (advised Pimpernel), Rob Metcalfe at Browne Jacobson (advised Pimpernel), Eversheds (advised Royal Bank of Scotland), Richard Edwards at Deloitte and Touche (due diligence)
Comments – Durham-based Pimpernel International Ltd, a leading designer, manufacturer and distributor of table mats and coasters, has been acquired by its management team, backed by 3i, in a deal worth £25 million.
The deal was financed by 3i, which invested £10 million. Royal Bank of Scotland provided £13.7 million of debt financing. Pimpernel plans to use the capital to continue its steady growth, focusing on the export market.
Founded in 1934, Pimpernel International Ltd has 33 branches worldwide, operating in over 70 countries. It is the market leader in its two largest territories, the UK and US, and has maintained a profit growth rate of 15% over the last three years.
Ian Downing, investment director at 3i, commented: “Pimpernel is a great example of the sort of business we are keen to invest in. It has an exceptional management team delivering excellent year on year performance in a global market. Our investment emphasises 3i’s commitment to the core mid-market buyout arena.”