Rutland sells assets of arson-struck Gardman to Westland

The exit, which took place via an administration process overseen by PwC, comes seven months after the company's newly developed Daventry warehouse was destroyed in an arson attack.

A statement from Rutland said the warehouse had been central to its expansion strategy and that, at the time of the fire, it contained most of the company's seasonal stock for spring 2018. The GP said it had subsequently provided additional financing to rebuild the business, but that the scale of work and resource meant it was forced to seek a new longer-term investor to support Gardman's recovery.

The vendor was invested in Gardman via Rutland Fund III, a £263m vehicle that closed in 2014.

Previous funding
Gardman first received private equity backing in 2007 when Equistone (then Barclays Private Equity) backed an £85m MBO for the company. The business was then passed on to TPG, Barclays Bank and Goldman Sachs as part of a restructuring in 2012.

Rutland acquired Gardman from the syndicate in an all-equity deal three years later.

Company
Headquartered in Peterborough and founded in 1992, Gardman is a trade provider of gardening tools, lighting and consumables, in addition to food and feeders for wild birds. The business has a headcount of 170 and generated EBITDA of £5.6m from a turnover of £66.6m in its most recent financial year, according to a statement. Prior to its acquisition by Rutland the business reported revenues of £70m.

People
Rutland Partners - Ben Slatter (partner).
Westland Horticulture - Edward Conroy (managing director).
Gardman Group - Jonathan Halford (chairperson).

Advisers
Company - PwC (corporate finance, tax).

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