Mobeus and Connection toast Virgin Wines deal

The company was acquired from Direct Wines. The deal came about through Spectrum Corporate Finance, which was advising the management team. It introduced both Mobeus and Connection to the deal, as the deal size was slightly too large for Mobeus to carry out independently.

Following the investment, Mobeus and Connection will focus on developing Virgin Wines' customer loyalty schemes. The service offers customers an educational insight into the world of wines through its wine advisers, who can offer personal recommendations.

Debt
A stock facility was provided by PNC Business Credit.

Company
Established in 2000, Virgin Wines was purchased by Direct Wines in 2005. Current CEO Jay Wright had previously created mail order wine business Warehouse Wines, which was acquired by Direct Wines in 2002. Wright, alongside current CFO Graeme Weir and marketing director Paul Adam, took over Virgin Wines in 2008 and merged it with Warehouse Wines in 2009. The combined entity now generates turnover of more than £35m.

Virgin Wines sources wines from all over the world and more than 90% of its range is exclusive to the business. It offers around 600 wines, including Pinot Grigio, Rioja, Champagne, Prosecco, Chablis and organic wines. It sells wine online and delivers directly to customers. The business operates customer loyalty schemes including WineBank, Discovery Club and JustReds.

The business employs 158 people at its offices in Norwich and Preston.

People
The buyout backs the incumbent management team comprising CEO Jay Wright, CFO Graeme Weir and marketing director Paul Adam. Jonathan Gregory is a partner and chief investment officer of Mobeus. Julian Carr is a partner at Connection.

Advisers
Management – Spectrum Corporate Finance (Corporate finance).

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• Topics
• Buyouts
• Consumer
• UK / Ireland
• Mobeus Equity Partners
• United Kingdom