Terra Firma buys Garden Centre for £276m
Terra Firma Capital Partners has acquired British garden centre operator The Garden Centre Group from Lloyds for a total of £276m in equity and debt.
The investment will underpin the growth of the company.
Debt
Lloyds TSB Bank plc, Barclays Corporate and The Co-operative Bank plc provided debt to support the transaction.
Company
Founded in the 1930s, The Garden Centre sells plants and garden care products from 129 centres across England and Wales, as well as through its website.
The garden retailer was taken private in 2006 in a £445m buyout by a group led by Tom Hunter, following its public listing in 1987. In 2008, Lloyds took control of the company through a debt-for-equity swap after the group's £400m debt burden proved too much.
The firm now employs around 5,000 members of staff and reports a £264m turnover in 2011 and EBITDA totalling £32m.
People
Guy Hands is chairman and chief investment officer at Terra Firma. Nicholas Marshall is CEO of The Garden Centre Group.
Advisers
Vendor - Rothschild (Corporate finance).
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