Seneca acquires stake in Whyte & Ivory in debut deal

Seneca Private Equity invests £500,000-5m in established SMEs in northern England, with targeted returns of 2.5-3.5x.

Seneca launched a private equity division in 2018 and this minority investment is its debut transaction. It has traditionally invested in expansion and growth transactions, investing in companies such as The Hook Group and ADC Biotechnology.

Whyte & Ivory launched in the US in 2016.

Company
Based in Nelson, Lancashire, the company is a wholesaler of curtain linings and blackout fabrics for use in both domestic and commercial markets. Founded in 2009, the company operates a subsidiary in North Carolina.

People
Seneca – Andrew Stubbs (investment director); Paul Leyland (investment manager).
Whyte & Ivory – Peter Hamilton (managing director).

Advisers
Equity – Hill Dickinson (legal); Kilsby Williams (financial due diligence).
Company – Grant Thornton (financial due diligence); Shoosmiths (legal).  

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• Topics
• Expansion
• UK / Ireland
• Consumer
• Minority investing
• United Kingdom