2nd September 2019
Star Brands, the £30m-turnover laundry and cleaning product manufacturer, is headquartered in Leeds and has a manufacturing plant in Redditch. It currently employs about 125 staff, with 30 of those added during the last 12 months.
The company is targeting 60 per cent growth in turnover over the two years to August 2019.
Star Brands manufactures both branded and private label laundry and cleaning products, with its range including Stardrops, Clean-ology, Wizz, and The Pink Stuff.
The BIMBO is principally financed by investment firm Mobeus, with a layered debt and equity package.
The team is led by current managing director Tim North and Henrik Pade, a marketing and M&A expert, who will become joint MDs as part of the deal. The team also includes existing management members Paul Kirby (operations director), Steve Whattam (purchasing director), Chris Dawson (head of sales) and Gosia Bilska Pietrasiak (head of technical). Gavin Thomas (finance director) will also join the team as part of the transaction.
The majority of the BIMBO team has already worked together at PE-backed convenience food manufacturer Symingtons between 2007 and 2012.
Paul Herriott, Director at DSW, said: “It is always great to see significant strategic equity investment in Yorkshire. The business is one of the fastest growing in the region, going from strength to strength in recent years. The deal also sees the reunion of a successful management team, who we wish all the success in the future.”
Ashley Broomberg, partner at Mobeus who led the deal, said: “We are delighted to back a great management team at a great British company. We look forward to supporting the team as they continue to provide flexible and innovative solutions to its grocery customers as well as develop exciting new product ranges for end consumers.”
Tim North, Star Brands managing director, added: “This is a really exciting time for the whole team at Star Brands who have grown the business over the past few years by listening to what our customers and consumers need and acting accordingly.
“To maintain this momentum, we all recognise the critical importance of constantly developing and evolving, and I really look forward to working again with both Henrik and Gavin and the added impetus I know their arrival will bring to the rest of the team.”
Legal advisers on the transaction were Freeths (management), Squire Paton Boggs (Mobeus), Schofield Sweeney (vendors) and Pinsent Mason (Barclays).