Primary Capital reaps 2.9x on Thompson & Morgan sale to BVG

Financial details of the transaction remain undisclosed, though the sale generated a 2.9x money multiple for Primary, according to a statement. The initial deal for the company included an investment of £17m comprising both expansion capital and debt.

During the GP's tenure, the business doubled in size, Primary Capital stated, and made a number of small bolt-on acquisitions. The GP also appointed a new CEO and CFO to the company's senior management team.

Previous funding
Primary Capital acquired a majority stake in Thompson & Morgan via a management buyout from US vendor International Garden Products in 2002.

Company
Founded in 1855 and headquartered in Ipswich, Thompson & Morgan supplies young plants and packet vegetable and flower seeds through both retail and mail order. The company generated a turnover of £90m in the year ending June 2016, according to publicly available documents, up from £20m at the time of Primary Capital's initial investment.

People
Primary Capital Partners – Peter Jacobs (partner).
Thompson & Morgan – Bryan Magrath (CEO).

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