Preston Innovations goes fishing for a new owner
TELFORD-based fishing tackle brand Preston Innovations has brought in Birmingham advisory firm Cattaneo to help it find a new owner.
Founded 30 years ago, Preston Innovations – which employs 75 people – has developed and grown a number of market-leading tackle brands. The business introduced its own bait brand in 2006 before moving into specialist carp and specimen fishing in 2010.
Growth has been strong in the UK but around a third of Preston’s sales now come from continental Europe where Preston sells into more than 30 countries partly through its sister company, Primo Distribution, based in the Netherlands.
Revenues have grown by by around 43% since 2010 to more than £17m in the current year
Explaining why he is seeking a buyer for the business, founder David Preston said: “From my point of view, after 30 years in the industry the point has come where the foundation is strong and now is the time to consider opportunities that will secure the future of the brands and take the business to the next level through people who want to invest in our quality brands and who also have the vision and ideas and base to further expand both the business model and our international reach.”
Cattaneo, an M&A boutique that specialises in selling companies, is exploring sale options and advising Preston and his team.
The firm’s Charles Cattaneo said: “Market leading consumer brands have continued to grow strongly through the recent economic downturn, and we expect those owned by Preston Innovations will command a premium price in the market.
“Preston is renowned for its quality product and expertise so we are anticipating strong interest from a number of buyers, in the UK and further afield, looking to acquire some of Europe’s leading angling brands.”
The business is expected to fetch in excess of £25m with offers being sought from interested parties before the end of April.