Stirling Square backs Buyout of Whittan Storage Systems from Permira
London, 14 February 2006, Stirling Square Capital Partners ("Stirling Square"), the pan-European private equity firm announces that it has backed the buyout of Whittan Storage Systems ("Whittan") from funds advised by Permira. Total funding for the transaction is approximately £90 million.
Whittan is one of the leading European suppliers of storage solutions and the established market leader in the UK. Whittan sells, markets and distributes three core products, pallet racking, shelving and lockers to a wide range of customers. It trades under a number of well established brands including: Link51, Permar, Polypal and Moresecure. It has manufacturing facilities in the UK, Spain and Belgium and its own sales and distribution operations in these countries plus France, Germany and Holland. It employs nearly 1000 staff In 2005, Whittan had sales of approximately € 200 million.
Whittan’s management team, headed by CEO, Andrew Butler, will aim to grow market share in the Continental Europe markets both organically and through acquisition, in addition to maximising cross-selling opportunities via the current European distribution platform. European sales currently account for 40% of Whittan’s turnover. Whittan will also look to grow its presence in the archiving and leisure markets, which demonstrate strong growth potential.
Martin Calderbank, Partner at Stirling Square commented, "With excellent products and a high level of service, Whittan has become the market leader in the UK. We see great opportunities for the company in Europe. We look forward to working with Andrew and his team to capitalise on these opportunities. This deal is a classic example of the investments Stirling Square makes, buying regional champions and building them into European and global leaders",
Andrew Butler, CEO of Whittan added, "Whittan has been in business for over 50 years and established an excellent reputation in the storage systems market. We have a strong portfolio and a number of new and interesting products.. I am excited about working together with Stirling Square in ensuring the next stage in Whittan’s growth"
Permira were advised by Ian Williams of RW Baird
Stirling Square Capital Partners
44 20 7808 4135
Whittan Storage Systems
44 1952 682 296
Ilias Catsaros Cubitt Consulting 44 20 7367 5100
About Stirling Square Capital Partners
Stirling Square Capital Partners is a pan-European mid-market private equity firm with $250 million of committed capital from Citigroup. Stirling Square Capital Partners provides private equity investment to European companies with enterprise values in the €50 million - €500 million range, operating across a broad range of sectors and industries. Target companies are sector leaders with international aspirations, defensible competitive advantages, and talented management teams capable of executing a clearly defined value creation strategy.
Permira is a leading international private equity specialist„ As an independent business, Permira is owned and controlled by its partners. In October 2003, Permira announced the final closing of a third pan-European fund, Permira Europe III, which, together with commitments from Permira, totals over Euro 5 billion. The firm’s team of 90 professionals, based in Frankfurt, London, Madrid, Milan, New York, Paris, Stockholm and Tokyo, advises the Permira Funds with a total committed capital of Euro 1 I billion. Since 1985, the Permira Funds have completed over 270 private equity transactions. During the last year, the Permira Funds have committed to 5 transactions with a combined transaction value of Euro 11 billion. www.perrnira.coni
Notes to editors
Stirling Square Capital Partners is a pan-European mid-market private equity firm with $250 million of committed capital from Citigroup. Stirling Square Capital Partners provides private equity investment to European companies with enterprise values in the C50 million - €500 million range, operating across a broad range of sectors and industries. Target companies are sector leaders with international aspirations, defensible competitive advantages, and talented management teams capable of executing a clearly defined value creation strategy,
Schoeller Wavin Systems develops and manufactures innovative packaging systems made of synthetic material for beer, soft drinks, mineral water, letter and parcel post, vegetables, fruit, car components, chemical fluids and several other products. The Schoeller Wavin Systems Group has its own subsidiaries and licensed partners in 36 countries around the world and 13 production facilities in Europe and the USA. Its head offices are located in Vilsteren, the Netherlands.