Wed, 13 Mar 2013 | BUSINESS SALE
Maven Capital Partners has sold Homelux Division to a US company as it makes a partial exit from the Homelux Nenplas business.
The venture capital trust, private equity and alternative asset manager sold the firm to US business QEP Company.
The division was sold as a result of a complex demerger, which took place alongside a secondary buyout of Nenplas by Maven and the company's existing management team.
While the details of the transaction are complex, the result for investors has been simply a boost in profits. The acquisition took the group's turnover to almost £20 million and the partial exit has been in Maven's favour.
Mike Collis, portfolio manager at Maven, commented: “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.”
Homelux supplies tile accessories to the professional and DIY markets. It has a particular focus on marketing and merchandising of kitchen and bathroom products, with outlets across Europe and the US, as well as the UK.
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