Tue, 01 Oct 2013 | MBO/MBI
Marine clothing seller Douglas Gill International Ltd has been sold in an MBO deal by founder Nick Gill.
Mr Gill has sold his controlling stake to YFM Equity Partners for an undisclosed amount thought to be in the region of millions of pounds.
Today the business is a leading international brand for technical marine clothing selling in 37 countries around the world to boating fans and sailors, and was founded in 1975 by Mr Gill, who is to remain on the board as a non-executive director after the sale, but will not have any involvement in the day-to-day management.
The Long Eaton-based business, known as Gill, will still be lead by MD John Deverill, alongside his core management team - sales director Bryan Stewart and product development manager Matt Clark.
Gill has stayed away from the high street, choosing to sell via other avenues, with the US as a main export market. It has 44 staff, a £12 million turnover, and its clothing is made abroad.
Mr Gill commented: “The business has never been in better shape and I felt the time was right to take a back seat and let the business continue with new energy. My passion for the business and the sport which has been my life will be as strong as ever.”
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