Vespa offloads WSP Textiles

The investment generated a 30% IRR for Vespa, which backed WSP Textile's £25m management buyout in November 2011 from former US-based parent Miliken & Company.

Since then, Vespa has supported the company by investing in its manufacturing plant and equipment to improve manufacturing efficiency and to support the development of new products. Vespa also backed the company's increased sales efforts in Asia by establishing representation in Bejing.

Company
WSP manufactures coverings for billiard sports (such as pool and snooker tables), and for tennis balls. Founded in 1575, the company is based in Stroud, Gloucestershire.

Iwan Simonis manufactures billiard cloth, while Saluc manufactures billiard balls.

People
WSP Textiles – David Smith (director).
Vespa Capital – Nigel Hammond (managing partner).

Advisers
Company – DLA Piper (Legal); KPMG (Corporate finance).
Equity – Brown Rudnick (Legal).

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• Topics
• Exits
• UK / Ireland
• Consumer
• Vespa Capital
• Trade sale