Inverleith acquires Montane

Katharine Hidalgo
03 March 2020

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Inverleith has taken a majority stake in outdoor clothing and accessories company Montane.

The firm is currently investing from its Inverleith Limited Partnership vehicle, which closed on €60m in September 2018. It typically invests £5-10m into businesses gnerating revenues of £5-30m.

Inverleith managing partner Paul Skipworth said: "Inverleith has been aware of Montane for years, especially as a number of the firm are active mountaineers and runners. We have been tracking the outdoor accesories sector for some years."

Current Montane managing director Jake Doxat is the vendor of the shares and will step down from his position. He will retain a minority stake in the company and will also become a board director.

The all-equity investment will go towards expanding the distribution of Montane' products, as well as product development.

Company
Established in 1993, Montane is a producer and distributor of a range of outerwear, base layers, legwear, backpacks and accessories for both men and women, with its products sold both in the UK and internationally. It employs around 40 people.

Based in Ashington, the company's EBITDA increased from £388,909 for the year ending on 30 September 2017 to £1m for the following year. Turnover increased from £8.6m in the same period, to £13m in the year ending on 30 September 2018.

People
Inverleith – Paul Skipworth (managing partner).
Montane – Jake Doxat (managing director).

Advisers
Equity – Burges Salmon (legal); Johnston Carmichael (tax, financial due diligence); Kin & Carta (commercial due diligence).
Vendor - KPMG Corporate Finance (corporate finance); OTB Eveling (legal).