Exponent to exit Bullitt via restructuring - reports

If accurate, the development would come less than two years after Exponent's third fund acquired a 65% stake in the mobile device manufacturer in a deal that was originally reported to be valued at around £100m.

BGF invested £3.5m for a minority stake in Bullitt in 2013 and retained a shareholding following Exponent's acquisition of the business.

According to the latest report by Sky News, BGF will continue to back the company following the deal. The report states that Bullitt fell into difficulty after a "failed product launch" for Land Rover.

Bullitt manufactures and sells hard-wearing mobile phones and electronic devices alongside brands including Caterpillar, Land Rover, JCB, Ted Baker and Ministry of Sound.

Unquote was awaiting responses to requests for comment from Exponent and BGF at the time of publication.

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• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• Exponent Private Equity
• BGF (Business Growth Fund)