Ares sells Hillarys to Hunter Douglas in £300m deal

European Capital previously held a majority stake in the business, though media reports in October 2016 suggested Ares was to acquire the business for £250m.

Ares was one of three parties involved in providing a £113.5m refinancing package for the company in August 2014, with Permira Debt Managers and GE Capital also involved in the deal.

Following the sale to Hunter Douglas, Hillarys' management team will remain in place and the company will continue to operate independently of its parent group.

Previous funding
Hillarys first received PE backing in May 2001, when CBPE Capital invested £19m in the company's buy-in management buyout, with capital drawn from its sixth fund, according to unquote" data.

Change Capital Partners then supported the £115m secondary buyout of Hillarys from CBPE in 2004.

Three years later, European Capital acquired the business from Change in a £229m SBO. The firm provided equity, loan notes, mezzanine debt and senior term loans to complete the buyout, with debt financing totalling £167m.

Later in the year, the business underwent a £144.4m refinancing, following which European Capital held an £85m investment in the company consisting of equity, a loan note and mezzanine.

In August 2014, European Capital made an additional £5.5m equity investment in Hillarys as part of a £113.5m refinancing, with GE Capital International, Ares and Permira providing the debt package.

Company
Founded in 1971 and headquartered in Nottingham, Hillarys provides made-to-measure blinds, shutters, curtains and carpets. According to a statement issued by the acquirer, the company generates a turnover of £185m and has a headcount of 1,300. The business has three manufacturing facilities across Nottingham and Washington, Tyne and Wear.

People
Hillarys – John Risman (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• UK / Ireland
• Industrials
• United Kingdom
• Trade sale