Gva Grimley Values Cb Imports For 12M Mbo Deal
Thursday, 07 January 2010
The CB Imports group of businesses trades out of Yorkshire and imports and distributes artificial flowers, decorations and gifts. The company also operates a division of wholesale cash & carry outlets trading by the name of Country Baskets from four industrial warehouse units around the UK.
Valuation experts from GVA Grimley's UK-wide team valued 250,000 sq ft of warehouse space across premises in Stourbridge, Astley near Manchester, Glasgow and East Ardsley in Leeds.
James Frost, from GVA Grimley's Leeds office, says: "Against a backdrop of tough economic conditions, it is heartening to see a successful Yorkshire company receive funding, in order to take it forward to the next level.
"GVA Grimley became involved during the early stages of the transaction and drew upon colleagues within the Valuation Services team in our Manchester, Birmingham and Glasgow offices. It was a real team effort and demonstrates our capabilities in undertaking such instructions."
Backed by Matrix Private Equity Partners (MPEP), CB Imports, which runs the Country Baskets trading arm, has successfully completed the £12m management buyout deal.
The company is planning to roll out further outlets across the UK as part of a new growth phase supported by MPEP, with the first new outlet opening in January in Gateshead.
It employs 270 people and has a turnover of around £20m.
Steve Wood, managing director of CB Imports and part of the MBO team, said: "We have traded strongly through 2009 and year on year benchmarks remain robust.
"Whilst the floral industry has been impacted by the economic downturn, it is generally robust and we are currently benefiting strongly from increasingly value focused customers.
"We are a well established business with a good track record of delivering profits. The MPEP team has eased us through the MBO process and now we look forward to further growth opportunities and expanding geographically."
Ashley Broomberg, a partner at MPEP who led the deal, said: "We were attracted to CB Imports because it is a long established, profitable business which is a clear leader in its market. The business has traded very strongly over the last year showing the strength of being a price leader in the current environment.
"The fragmented nature of its market means that there is a significant opportunity to expand the business through a rollout of further outlets across the UK. There is very strong interest being shown by prospective customers in the new site being opened in Gateshead in January and we plan further geographic expansion over the next few years."