West Midlands dealmakers at the heart of Gill deal
DEALMAKERS from the West Midlands played a central role in the deal which saw YFM Equity Partners backing the management buy-out of Nottingham-based sailing clothing manufacturer Douglas Gill International.
The deal, for an undisclosed sum, follows a sales process led by Birmingham-based Clearwater Corporate Finance.
Yorkshire Bank provided debt funding and working capital facilities to support the transaction.
As part of the deal, Steve Richards will be joining Gill as non-executive chairman. He is currently chairman at QualitySolicitors and Waterbabies and was previously CEO of Interflora and managing director of Manchester United Merchandising.
The management team includes managing director John Deverill, who has been with Gill for 16 years, sales director Bryan Stewart and product director Matt Clark.
Gill was founded in 1975 by Nick Gill, who will continue as a non-executive director. Today the company has revenues of £12m and employs 44 people at its Long Eaton site.
Paul Cannings, director at YFM Equity Partners, said: “This is a strong management team that has delivered growth for the past three years in a difficult retail market. With our financial and strategic support we will help the team develop the brand further and increase its market share in existing and newer markets.”
Phil Burns, Gareth Iley and Sebastian Saywood of Clearwater Corporate Finance advised the shareholders on the deal; Grant Thornton provided financial due diligence while legal advice was provided by Osborne Clarke. Nelsons provided legal advice to the vendors, Fraser Brown advised the management team and Gateley advised Yorkshire Bank. Tax advice was provided by RSM Tenon.
The acquisition finance team at Yorkshire Bank in the Midlands, led by Birmingham-based directors Ian Howey and Ian Mansell, provided debt finance.
Ian Waterfield and Paul Cannings were the YFM Equity Partners deal team.
