Kester scores 3x on Garrets sale

The multiple translated into an IRR of 36% for the investment.

Wrist group is backed by Altor Equity Partners. 

Following the deal, Garrets will merge with Wrist's SeaStar Management division, which specialises in handling consumable budgets and delivery of provisions and stores to ships globally. Garret CEO Geoff Battersby will take on the role of deputy chair of the newly combined business.

Previous funding
Kester acquired Garrets in a deal though to be worth £17m in March 2012, when the GP was known as Greenhill Capital Partners.

Company
Established in 1991, Essex-based Garrets is a marine contract catering company. The business, which also operates an office in Singapore, aims to encourage healthy eating and sustainable sourcing. Clients are ship owners and managers of large and small global fleets.

People
Kester Capital – Cameron Crockett (partner).
Garrets International – Geoff Battersby (CEO).
Wrist Ship Supply – Robert Kledal (CEO).

Advisers
Vendor – Stephens Europe (M&A); Travers Smith (Legal).

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