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Three Hills invests in Sigma

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Three Hills Capital Partners has backed UK-based Sigma, a company that specialises in the procurement, installation and management of fixtures and fittings for global retailers, Unquote has learned.

The firm acquired a minority stake in the business from the founder and director of the board, Jonathan Haigh, who retained a significant holding in Sigma and will stay on with the company.

Following the deal, Three Hills partner Michele Prencipe and investment manager Joe Jefferies will join the board and support CEO Craig Bennett in implementing the company's expansion strategy.

To finance the investment, the firm deployed capital from its Three Hills Decalia fund, which held a final close on €200m in July 2016, exceeding its initial €150m target. It is now deployed at more than 50%.

Three Hills is understood to have been attracted to the company's strong market position within its niche industry and its high growth potential, in the UK and abroad. Sigma already has a presence in the European and Australian markets.

The firm intends to support the company's organic growth, strengthen its market position in the UK and further expand its international customer base in Europe and Australia.

Company
Founded in 2007 and based in Castleford, near Leeds, Sigma supplies, deploys and installs fixtures and fittings for global retailers operating in the food, pharmaceutical and fashion industries in the UK, Europe and Australia. The company specialises in bespoke store rebranding, chain refitting, energy management and fixture re-use. Sigma has 230 employees worldwide and in 2017 generated an EBITDA of £5m from revenues in excess of £50m.

People
Three Hills Capital Partners – Michele Prencipe (partner); Joe Jefferies (investment manager UK market).
Sigma – Jonathan Haigh (founder, director of the board); Craig Bennett (CEO).

Advisers
Equity – CMS (legal); Deloitte (financial due diligence); Kaiser (commercial due diligence); EY (tax).

Company – Grant Thornton (corporate finance, tax); Squire Patton Boggs (legal); KPMG (financial due diligence).

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