Connection sells Carter to trade for 4x return

The company attracted interest from trade buyers and private equity firms throughout Connection's holding period, according to a statement.

Modulaire is a business services company specialising in modular space. Carter's management team will remain with the business, which will operate alongside Elliott, Modulaire's UK-based business, and Advanté, which focuses on welfare units.

Previous funding
Private investor clients of Connection invested £5.3m in the company's £12m MBO in 2015. In addition to a change of ownership into management's hands, the investment provided significant growth capital to fund the expansion of its hire fleet.

In addition to the original investment, Connection participated in two further funding rounds.

Company
Established in 1988 and based near King's Lynn, Norfolk, Carter supplies temporary modular buildings for use as offices, labs, wards, classrooms, cabins, containers, welfare units and energy efficient units. The company generated 2020 EBITDA of £7m from revenues of around £20m. It employs around 150 people.

People
Connection Capital – Bernard Dale (managing partner).

Advisers
Company – Stephens (M&A); Gateley (legal); Grant Thornton (financial due diligence).

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• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• Connection Capital
• Trade sale