New investment at Camira as it reorganises for growth

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TEXTILE manufacturer Camira has received fresh investment from Pricoa Capital Group in a reorganisation that has resulted in the exit of Cavendish Square Partners.

In 2006, an MBO saw the company spun out of American flooring firm Interface, with the backing of Cavendish. It has now been replaced by Pricoa, part of the Prudential Insurance Company of America, as the Kirklees business targets further international expansion.

Camira, with headquarters in Mirfield and 400,000 sq ft of manufacturing in Huddersfield, sold 8.2 million metres of fabric last year to 68 countries.
The company, which won a Queen’s Award for sustainable development last week, earned £8.5m from sales in Germany, with North America adding £6.1m.

It generated 60% of its £68m turnover from its exports. Revenues were up 12% last year, while EBITDA rose 14% to £7.4m.

Steve Bullas, chairman and chief executive of Camira, said: “Pricoa Capital is a respected, global, blue-chip organisation and we’re delighted to be working with them as our long-term investment partner to support our ambitious growth prospects and capital expenditure in UK manufacturing.”
Pricoa Capital Group’s senior managing director Allen Weaver will become a non-executive directorship at Camira.

Christian Mayo and Helen Roxburgh from KPMG Corporate Finance advised Camira and Cavendish Square Partners on their exit and introduced Pricoa Capital Group to the process. Jonathan Watkins and Lauren Cavanagh from DLA Piper provided legal advice to Camira and Cavendish Square Partners.

Andy Miller from Sentio Partners and Richard Hunt and Richard Morton from Squire Patton Boggs advised the management team on the terms of Pricoa Capital Group’s investment.

Deloitte Transaction Services provided financial, commercial and tax due diligence in relation to the transaction.  The team was led by Matt Henderson, Charles Bates and Stuart Cottee.

Tom O’Connor from Morgan, Lewis & Bockius provided legal advice to Pricoa Capital Group.