Phoenix sells Letts Filofax

PNC Financial Services UK provided £15m's worth of three-year working capital facilities to support Phoenix's sale of Letts Filofax.

Previous funding
In 2006, Phoenix backed the £45m SBO of Letts Filofax. The financing was thought to comprise an equal equity-to-debt split, with a senior debt package supported by the Royal Bank of Scotland. Dunedin Equity Partners made a full exit from the firm, enjoying a 6x money multiple and 52% IRR on its overall investment.

Company
In July 2001, the management team of the Letts diary brand acquired Filofax for £14.5m to become the Letts Filofax Group. At the time of the acquisition, Letts was owned by Dunedin, following a £17m MBO in 2000.

Based in Dalkeith, Letts Filofax manufactures and sells diaries, organisers and other time management products. The firm has overseas subsidiaries in Canada, France, Germany, Italy, Sweden, Denmark, Hong Kong and the US.

The firm is reported to have achieved a £53m turnover in the year to January 2012.

People
Sandy Muirhead and David Burns led the 2006 deal for Phoenix.

Advisers
Company - KPMG (Corporate finance); Dickson Minto (Legal).
Buyer - MacRoberts (Legal).

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• Topics
• Exits
• Consumer
• UK / Ireland
• United Kingdom
• Phoenix Equity Partners