Rubicon buys CMD in carve-out from US-based trade

The transaction marks the sixth investment of the London-based GP's Fund V, according to a press release. The fund was registered with the Luxembourg Registry in February 2020, with a target of GBP 281.5m, according to Unquote Data. The fund is expected to follow its GP's typical strategy and invest in industrial businesses across Europe and North America.

Funds for the investment were provided by Rubicon Partners and Oaknorth. The existing management team, led by Jon Holding, will continue to lead the business, according to a press release.

CMD was previously owned by Rubicon, who created the business in 2001 by integrating three separate companies. The business was acquired by IDEAL in 2017 becoming part of the US-based company's portfolio of power, audiovisual and data access solutions for offices and commercial spaces.

Company
Founded in 1988, designs and manufactures integrated above and below desk power distribution and ergonomic solutions for the office and commercial fit-out markets. CMD's services include power distribution and under station systems – used in offices, education, hospitality, retail and including a range of under desk, in desk, or on desk power modules; power access products used on desk and covering all major connection types: mains, USB and USB-C, enabling integration of multiple connections and additional data porting features; ergonomics solutions products to support workstation functionality. It employs 158 people, from its manufacturing unit in Rotherham and showroom in London.

People
IDEAL − Steve Henn (CEO).
CMD − Jon Holding (managing director).

Advisers
Equity − FRP (debt); KPMG (financial); Kearney (commercial); PwC (tax); AON (insurance); Proskauer Rose (legal); EDP/RSK (environmental); Xaes Blu (technology).
Vendor – RSM; Druces (legal).

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