
NorthEdge invests in Lights4fun
NorthEdge has invested in the management buyout of Lights4fun, an online retailer of decorative lighting.
The investment was funded from GP's £315m NorthEdge Capital Fund II, which closed in March 2016. It was 75% deployed as of September 2020. The firm has taken a majority stake in this company.
In a competitive process run by Sentio, NorthEdge was chosen as the preferred partner due to their cultural fit with the management team, a source close to the situation told Unquote.
NorthEdge investment director James Marshall and Andy Ball will join the board.
The funding will go towards expanding the company's market presence internationally. It currently sells its products in the UK, France, Spain, Italy, Germany and the US. The company will also invest in its market and data analytics capabilities, as well as expand its product range.
The management team has reinvested in the company and will be led by managing director Kieran Eblett, who joined the business in 2018.
Clydesdale Yorkshire Bank provided debt facilities to support the deal.
Company
The Harrogate-headquartered direct-to-consumer business has been operating since 2003 and sells more than 700 decorative lighting products online, according to a statement. Its range includes indoor and outdoor fairy lights, festoon lights, and seasonal lighting. The business now employs 40 people and generates revenues of £20m.
People
NorthEdge – James Marshall (investment director).
Advisers
Equity – EY, Mark Clephan (corporate finance); Addleshaw Goddard, Rich Hunt, Carly Gulliver, Ben Collins, Caera Loughran, Shannon Hardcastle, Andy Fordham, Jen Hanson (legal); Dow Schofield Watts Transaction Services, Jonathan Steed (financial due diligence).
Vendor – Sentio Partners (corporate finance); Wilkin Chapman (legal); Mazars (tax).
Debt – Squire Patton Boggs (legal).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater