Orbis Partners LLP have led the multi million pound disposal of the UK's leading tile accessory distributor, Homelux Limited whilst also completing the secondary buy-out of Nenplas Limited, a leading plastic extrusion manufacturer. Both companies, based in Ashbourne, were backed by Maven Capital Partners and had bank facilities from Yorkshire Bank.
The deal was led by Birmingham based Orbis Partners LLP and SGH Martineau, who provided legal advice. Both firms have worked with Homelux Nenplas for many years. Orbis Partners initially supported them with their own investment into the equity of the business whilst advising on a management buy-out in 2006. Tile Accessories, a leading distributor to the independent market, was added a few years later, taking the group close to £20m turnover in total.
Homelux, a leading global supplier of tile accessories to the DIY and professional market, with a product portfolio that includes extruded plastic and metal tile trims, was sold to QEP in a deal that sees the manufacturing arm, Nenplas, remain with management and Maven Capital Partners.
Nenplas is headed up by Rob Butcher (Managing Director), Gary Horrobin (Operations Director), Richard Lumb (Finance Director) and Steve Jones (Sales Director). The entire Nenplas team will continue in their existing roles, focusing on delivering innovative extruded plastic products and solutions, and will continue to manufacture for QEP going forward.
Maven Capital Partners remain as a significant minority investor in the Nenplas business and have provided facilities to support the business with its acquisition strategy.
Gary Ecob, Partner at Orbis Partners who lead the deal said "I am delighted to have supported the Nenplas management team in this stage of their ambitious plans. Having worked alongside them for nearly a decade, it is incredibly satisfying to conclude this transaction with them successfully, creating a further significant opportunity once again. Nenplas has a great opportunity to become the UK's leading plastic extruder".
Rob Butcher, Managing Director, said "Orbis and SGH Martineau were invaluable to me during a complex deal process that involved splitting the business into divisions, immediately prior to the sale of Homelux. The deal will allow Nenplas to flourish going forward, with the building blocks in place to become a significant player".
Richard Wrigley, Partner and Head of Corporate at SGH Martineau said "Having acted for the management team for many years, including the original MBO of Homelux Nenplas in 2006, we are delighted to help with the demerger of the group to allow the sale of Homelux and enable the management team to focus on growing Nenplas".
Other advisers involved in the deal were: Gateley, who provided legal services to Yorkshire Bank and Cooper Parry, who provided financial due diligence.