Lonsdale backs Horseware Ireland

Following the deal, the company will continue to be led by CEO Mark Saunders.

This is the ninth investment made by the GP via Lonsdale Capital Partners Fund I, which closed on £110m in April 2016. In addition, the fund has made 14 bolt-on acquisitions.

The vehicle typically targets majority investments in businesses operating across a variety of sectors, primarily based in the UK, with EBITDA of £2-7m.

This investment closely follows Londsale's exits from plastic packaging group Amerplast and superyacht servicing business GYG, both of which netted a x3 return.

Company
Founded in 1985, Horseware Ireland specialises in manufacturing rugs and blankets for horse riding, equestrian clothing and accessories and equine therapy products.

Employing 500 staff, the company generates annual revenues of around €50m. Approximately 66% of its sales come from Europe (less than 20% from the UK and Ireland), 32% from North America and 2% from the rest of the world.

The company has manufacturing facilities in Ireland, Cambodia and China, as well as a distribution centre in the US.

People
Lonsdale Capital Partners – Ross Finegan (partner).
Horseware Ireland – Mark Saunders (CEO).

Advisers
Equity – Burness Paull (legal); Ronan Daly Jermyn (legal); Alvarez & Marsal (financial due diligence); LEK (commercial due diligence); BDO (tax).

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