Pulse Home Products sold to Fortune 500 Jarden Corp
PULSE Home Products, the Oldham-based company behind the Breville and Dirt Devil brands, has been sold by its private equity owner Rutland Partners to listed US company Jarden Corporation.
Rutland bought 80% of Pulse Home Products for £27m in 2007 and said it had made an “attractive return” of 1.5x its original investment – valuing its cash returnon the deal at just over £40m.
In the year to March 2011 Pulse, which also makes electrical items for celebrity hairdresser Nicky Clarke, reported EBITDA of £5.2m on turnover of £66.2m.
David Allen, chief executive of Pulse, said: “Pulse is a well-positioned business and we are all excited about the opportunities that the next chapter in our history will bring.”
Mike Harris, partner at Rutland, said: “The sale of Pulse Home Products represents a cash return of approximately 1.5x Rutland’s original £27m and is a notable achievement for Rutland, particularly so in current market conditions.
“The terms of sale reflect the market leading qualities that have been developed in the business and the opportunities which underpin its long-term growth prospects.
“Finding a strategic buyer enabled us not only to complete an opportunistic transaction on a timely basis, but also to leave the business well positioned to benefit from the synergies of being part of a larger player in the market. We wish Jarden and the management team every success.”
Consumer products group Jarden is headquartered in Rye, New York State. It ranks number 371 on the Fortune 500 and has more than 23,000 employees worldwide.
