Sale of promotional merchandise firm to US giant provides exit for Maven
Private equity house Maven Capital Partners has made its exit from Blackpool-based SPS, the UK’s largest provider of promotional merchandise, following its sale to a US firm.
SPS which supplies over 2,000 independent distributors in the UK and Europe, has been acquired by PF Concept International BV, part of the Polyconcept Group (PFC), a US multi-national backed by Charlesbank Capital Partners.
PFC is the largest promotional products supplier globally, selling into over 100 countries.
SPS operates out of a 90,000 sq ft site in Blackpool with manufacturing, branding and storage facilities, with two additional sites in Oxfordshire and Derbyshire. SPS employs over 300 staff.
Maven led the management buy-out of SPS from 4imprint Group in February 2014 to support its strategy of growing the business organically and by acquisition.
Maven supported the SPS management team in identifying and acquiring two bolt-on acquisitions, High Profile in June 2015 and TEC in November 2015, which strengthened its position as a lead manufacturer in the UK and European markets.
Ryan Bevington, investment director at Maven, said: “We were very impressed with the management team’s vision for the SPS business from the outset. They have executed their strategy successfully, delivering robust growth by investing in the manufacturing and I.T. capabilities of the business and integrated the acquisitions seamlessly. We wish Phil and his team all the very best for the future and are confident that they will be able to take the business to the next level with new owner PF Concept.”
Philip Morgan, chief executive of SPS said: “Maven believed in our vision for the business and has been a hugely supportive financial partner and adviser. Ryan and the team played an important role in helping transform SPS through a combination of small acquisitions, international growth and operational efficiencies, and we were very pleased to have worked so closely with them over the past few years. SPS is in the position where it will now benefit from being part of a larger group and it is thanks to the foundations that Maven helped the management team of SPS to put into place that we are were able to attract the interest of such a successful global business.”