Maven leads management buyout of SPS
Private equity and alternative asset manager Maven Capital Partners has led the GBP7.25m management buyout of SPS (EU) Limited from 4imprint Group.
Blackpool-based SPS is a supplier in the promotional merchandise market, with over 20 years’ operating history.
With current turnover of GBP17m the business has experienced growth over recent years, stemming largely from the company’s focus on new product development, product sourcing, investment in branding technology and a commitment to operational and service excellence.
SPS is the UK’s largest provider of promotional merchandise, supplying to over 2,000 independent distributors in both the UK and Europe.
The management team, led by CEO Philip Morgan, aims to grow the business both organically and by acquisition.
Maven’s investment will assist the management team in the delivery of its growth strategy, which includes further product development, expanding the existing sales channels to have a greater focus in Europe and the UK retail market, and setting up new license and distribution agreements with key strategic partners.
Debt finance for the transaction was provided by PNC Business Credit. Maven was advised by Paul Jefferson at Gateley, with financial due diligence provided by Dow Schofield Watts, who also introduced the deal to Maven. Management was advised by Addleshaw Goddard.
Ryan Bevington, investment director at Maven, says: “The team at SPS have delivered strong growth in a fairly benign market over recent years, and they have continued to invest in new product development and manufacturing ability over that period. We were very impressed with the management team and their growth strategy for the business, and we are confident that they will continue to drive the business forward successfully.”
Morgan says: “We are extremely pleased to have completed the management buy-out of SPS from 4imprint Group plc. We have a professional, dedicated and innovative team who are passionate about the success of the company, and we are delighted to have found a supportive financial partner in Maven Capital Partners. With their financial backing and experience we believe that we can achieve our aspirations for the business over the next five years. We are confident that SPS is in a fantastic position for continued growth in the promotional merchandise market, with ongoing innovation and development across the whole business, and we look forward to building on the foundations we have laid over the last few years.”
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