KKR acquires 20% stake in The Hut Group for £100m

The Hut Group will use the fresh capital to continue its buy-and-build strategy for international expansion.

The investment is understood to have been drawn from KKR's existing balance sheet, as was the case when the firm recently acquired a majority stake in Aberdeen-based OEG Offshore Group.

The GP is believed to have been attracted by the company's strong cashflow generation, earnings growth and its technology platforms, which have managed 300 million users in 2014.

It is understood the company's management will retain their stake in the company with a KKR representative taking a seat on the board.

Previous funding
In April 2010, Balderton, Artemis, William Currie Group and ex-Matalan CEO Angus Monro provided the group with £14m. The consortium then injected a further £18.5m in November 2010 to finance the £19.4m acquisition of Lookfantastic Group.

Company
Founded in 2004, The Hut Group is an e-commerce company based in Northwich that sells a wide range of products including sports nutrition, health and beauty items, entertainment, clothing, accessories and technology services. The company operates 15 websites including MyProtein, The Hut, ProBikeKit.com and AllSole.com.

Last year The Hut Group generated a turnover of £184m and EBITDA of £15m. The company stated that it expects to generate revenues of £250m for 2014.

People
Matthew Moulding is chief executive and founder of The Hut.

Advisers
Equity – Oakley Capital, Chris Godsmark (Corporate finance).

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• Topics
• Expansion
• Consumer
• UK / Ireland
• United Kingdom
• KKR