Key Capital Partners backs online darts retailer with GBP7m investment
Private Equity house Key Capital Partners (KCP) has completed a GBP7 million investment into the online darts retailer, Darts Corner. This is the third investment for KCP this year and comes shortly after the exits of Sparta Global and Hallam Medical.
Darts Corner was founded in 2007 by current shareholder and CEO, Wayne Taylor. The company is the market leading online provider of darts and darts accessories and sells all over the world from its headquarters in Bolton.
The deal sees KCP acquire a significant minority stake in the business that employs 50 staff and supplies both directly to the public and to the trade. Darts Corner offers the broadest range of products in the market, including all the leading brands alongside its own Mission brand. Taylor will remain in his current role, alongside other key members of the team, Howard Miller and Steve Reed. James Hall, Managing Partner at KCP, who led the investment alongside Matt Tice, will also join the Board.
Taylor says: "Over the last few years our business has transformed with significant growth and we have been looking for the right partner to work with as we progress our ambitions further. The team at KCP were passionate about our business from the start and shared my vision for the future. We are delighted to welcome KCP into our business and look forward to working with the team as we continue this exciting journey."
Managing Partner, James Hall, says: "We have known Wayne for a while and have been tracking the progress of Darts Corner for a couple of years. The business has invested heavily during that time in new products, new premises and is close to launching a new vastly improved website and stock management system. We are investing in the business at an exciting time with a number of significant opportunities ahead of us and are looking forward to supporting the team over the next few years."
Legal advice was provided to KCP by Addleshaw Goddard in Manchester, with due diligence support from RSM in Manchester (financial), Fairgrove Partners (commercial) and GB3 (IT). Management were advised by Jonathan Rourke at Rock Advisory and by Manchester and Cheshire based law firm Primas.
KCP continues to be an active investor, making equity investments of between GBP3 million and GBP15 million and has a strong reputation for deliverability as well as a track record of producing outstanding returns for its investors.