Rockpool backs BIMBO of BGF-backed Primrose

The GP acquired a majority stake in the business, with the management team investing for a significant minority stake.

Financial details of the transaction remain undisclosed, though the business said in a statement that it generated EBITDA of £2.5m in the year ending in October 2017. Primrose's turnover grew by 5.7% in that financial year, according to publicly available documents.

Former Gardman Group and Solus Garden & Leisure CEO Mark Pearson led the deal and will take on the role of CEO at Primrose. The company has also appointed a new non-executive chairperson and a chief financial officer.

Debt
Oaknorth Bank provided a £6.5m senior loan and revolving credit facility to support the transaction.

Previous funding
BGF injected £4m of growth capital into Primrose in 2012.

Company
Founded in 2003, Reading-headquartered Primrose is an online retailer of garden products such as water features, awnings, sail shades, pest control products and planters. The business generated a turnover of £37.8m in the year ending in October 2017. Around 50% of Primrose's revenues are accounted for by UK sales, with 25% accounted for by continental Europe and the remainder attributed to intermediary websites.

People
Rockpool Investments – Matt Taylor (managing partner).
Primrose – Mark Pearson (CEO).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• Buy-in/Buyout
• BGF (Business Growth Fund)