Stirling Square backs Whittan Storage Systems secondary

Stirling Square Capital Partners has backed the secondary buyout of Whittan Storage Systems from Permira. Total funding for the transaction is approximately £90m. Whittan Investments Group, an investment vehicle backed by Permira, Bank of Scotland and Royal Bank of Scotland, acquired the storage systems division of Wagon plc in July 2002 for approximately £60m.

Whittan is a supplier of storage solutions and trades under a number of well established brands including; Link51, Permar, Polypal and Moresecure. It has manufacturing facilities in the UK, Spain and Belgium and its own sales and distribution operations in these countries plus France, Germany and Holland. It employs nearly 1,000 staff. In 2005, Whittan had sales of approximately €200m. European sales currently account for 40% of Whittan’s turnover.

Ian Williams and Nick Cardoza of RW Baird advised Permira.