YFM exits Gill Marine

Alessia Argentieri
18 December 2018

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YFM Equity Partners has sold its stake in Gill Marine to the Myers family office.

The exit delivered a 2x return on YFM's original £9m investment.

YFM bought Gill Marine in 2013, deploying capital from its British Smaller Companies VCT and British Smaller Companies VCT2 funds. In addition, Yorkshire Bank provided debt funding and working capital facilities to support the transaction.

Under YFM's ownership, the company developed its product offering and boosted its marketing capabilities and its e-commerce business. In addition, it recently acquired its US distributor Gill North America.

Company
Gill Marine designs and sells technical clothing, footwear and accessories for marine sports and sailing. The company is based in Nottingham and was founded in 1975 by Nick Gill, who began by designing and producing technical sailing wear from his father's lace factory.

The business now employs 44 people at its Long Eaton site, just outside of Nottingham, and exports its products in 35 countries worldwide. The company generated a turnover of £14.2m and a 39.8% gross profit in 2017, according to public documents.

People
YFM Equity Partners - Ian Waterfield (partner).
Gill Marine - Jamie Tunnicliffe (CEO); Ian Poore (COO).

Advisers
Vendor – Financo (corporate finance); Browne Jacobson (legal); KPMG (financial due diligence); Pragma Consulting (commercial due diligence).
Acquirer - Osborne Clarke (legal); Deloitte (financial due diligence); Macfarlanes (legal); PwC (financial due diligence).