Wed, 20 Nov 2024 | MBO/MBI
Watermark, which helps turn airlines into ‘hotels in the skies’, has undergone a management buy-out.
Watermark, founded in 1980, and which has offices in London and Hong Kong partners with airlines to develop bespoke products that reflect their brand and enhance the customer experience.
It supplies customers including British Airways, United Airlines, Virgin Atlantic and Qantas with passenger essentials such as crockery, glassware, bedding, amenity kits and personal care products.
The company, which was acquired by Ian Linaker and Kenny Harmel in 2017, has been growing year on year. It increased turnover by 17 per cent in the last financial year and is on target for a further 12 per cent increase in the current year.
The transaction gives control of the business to a management team led by the current Managing Director Harmel. It will provide an exit for the majority shareholder Linaker, the current Chair, though he will retain a minority stake and his role as Board Advisor.
“Watermark offers more than just products – we deliver in-flight experiences and create a luxury feel that turns an airline cabin into a ‘hotel in the sky’. I would like to thank Ian for the role he has played in transforming the business over the past seven years,” said Harmel. “Securing further investment in Watermark is a testament to the quality of our proposition, team and vision for the future, and I am delighted to continue being the custodian of such an amazing company. I look forward to leading its growth in the years ahead and continuing to deliver on our reputation for sustainability and innovation.”
The deal was backed by funding from Frontier Development Capital (FDC) with Duncan Lamb and James Vallence at BDO Reading providing corporate finance and fundraising advice.
Charlie Robinson of FDC said: “With over 40 years’ heritage in the onboard products market, Watermark has an impressive track record in the industry. The business has thrived under Ian and Kenny’s ownership, since 2017, despite the challenges during the pandemic, and the growth in demand for air travel is now opening up new opportunities.”
Indeed, the number of passengers flying around the world came in at 4.5 billion last year with that number set to rise to nearly 5 billion this year.
Find out more about the growing popularity of management buy-outs
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