Next Wave reaps 150% IRR in £50m Fox International deal

Fox's management team secured a stake in the business, while leverage was provided by Investec. The lender supplied an £18m senior debt package as well as a £3m working capital facility to finance the deal.

Mayfair was granted exclusivity in a process that involved a few other potential buyers looking at the asset, unquote" understands.

Next Wave, which had injected growth capital in the business in July last year, netted a 3.1x money multiple and 150% IRR following the sale. It will remain invested in the company as a minority shareholder.

This marks the second deal since inception for Mayfair, which was set up by former LDC executive Daniel Sasaki, following the firm's investment in energy business Ovo in April. While Investec also got involved in the Ovo process, that transaction ended up not being leveraged.

Mayfair, which has also been linked to a potential deal for restaurants chain Yo! Sushi, is aiming to raise around £350m for its maiden fund.

Company
Founded in 1964, Fox International supplies fishing equipment for anglers. The company is based in Hainault and sells 3,000 products in 30 countries.

People
Daniel Sasaki worked on the deal for Mayfair, while Next Wave was represented by Jonathan Brod.

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• Topics
• UK / Ireland
• Buyouts
• Exits
• Consumer
• United Kingdom
• Next Wave Ventures
• Secondary buyout