Maven makes successful exit after US giant acquires Blackpool promotional merchandise company
Maven Capital Partners has made a successful exit from a Blackpool-based promotional merchandise company, delivering a threefold return on funds invested in 2014.
SPS (EU) Holdings Ltd has been acquired by PF Concept International BV, part of the Polyconcept Group (PFC), a US multinational backed by mid-market private equity firm Charlesbank Capital Partners.
The deal represents a second profitable exit for Maven in as many months, following the sale of Crawford Scientific for over four times the initial investment in October.
SPS is the UK’s largest provider of promotional merchandise, supplying over 2,000 independent distributors in the UK and Europe, and employs over 300 staff.
It operates out of a 90,000 sq ft site in Blackpool with manufacturing, branding and storage facilities, with two additional sites in Oxfordshire and Derbyshire.
Maven led the management buy-out of SPS from 4imprint Group plc in February 2014, since when it has made two bolt-on acquisitions in High Profile and TEC, both in 2015.
Ryan Bevington, Investment Director at Maven, said: “We were very impressed with the management team’s vision for the SPS business from the outset. They have executed their strategy successfully, delivering robust growth by investing in the manufacturing and IT capabilities of the business and integrated the acquisitions seamlessly."
Philip Morgan, CEO of SPS, added: “Maven believed in our vision for the business and has been a hugely supportive financial partner and adviser.
"SPS is in the position where it will now benefit from being part of a larger group and it is thanks to the foundations that Maven helped the management team of SPS to put into place that we are were able to attract the interest of such a successful global business.”