
3i sells Mayborn after 10-year holding period
3i has sold UK-based baby bottle manufacturer Mayborn Group to Chinese trade buyer Shanghai Jahwa after a decade-long tenure in a deal understood to be worth around ТЃ300m.
The GP received £135m from the sale, generating a 3.5x return.
The sale comes four years after 3i recouped £32m from a refinancing deal for Mayborn, which manufactures bottles under the Tommee Tippee brand.
3i has reportedly considered the sale of Mayborn at various points over the past 10 years. In 2010 the firm was rumoured to have appointed Hawkpoint to structure the sale of the business.
Under the GP's stewardship, Mayborn has undertaken an international and acquisitive growth strategy, in addition to developing new products. The company launched its range in the US market in 2010, set up operations in Australia in 2012 and acquired French distributor Société d'Innovation en Puériculture in 2013.
It also sold Dylon International, a producer of fabric dyes and colours, to Ardian-backed Spotless Group in July 2008.
Under its new owner, Mayborn will look to continue expanding internationally, with a focus on the Americas, Asia and Europe.
The sale to Shanghai Jahwa is subject to regulatory approval.
Previous funding
3i took Mayborn private in June 2006 in a deal that gave the company an enterprise value of £137m. Barclays Leveraged Finance provided the debt, which included senior and mezzanine facilities.
Company
Founded in 1955 and headquartered in Cramlington, north-east England, Mayborn produces feeding and hygiene products. It sells its products in more than 70 countries and has additional offices in France, the US, China, Hong Kong, Australia and Morocco.
When 3i first took control of the company it generated a turnover of £80m, a figure that grew to £130m over the course of its ownership. The vendor said EBITDA tripled to £25m during the same period.
People
3i – Alan Giddins (managing partner, co-head of private equity).
Mayborn – Steve Parkin (CEO).
Advisers
Vendor – Robert W Baird (corporate finance), Macfarlanes (legal); PwC
(financial due diligence, tax); OC&C Strategy Consultants (commercial due diligence); SLR Consulting (environmental due diligence); Arthur J Gallagher (insurance due diligence).
Acquirer – HSBC (corporate finance).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Czech Republic-headquartered family office is targeting DACH and CEE region deals
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds