Inflexion’s NPW refinanced with £10m Clydesdale package

This was designed to enable a new management team to get bedded down before introducing leverage.

Inflexion holds 60% of the equity, with the two founders holding 30% and management the remaining 10%.

The lender had been interested in the target since the time of the buyout, and NPW's 18% revenue growth in the year since funding helped facilitate the transaction and repay Inflexion's bridge.

The 2012 buyout was made through the Inflexion 2010 Buyout Fund. The value was undisclosed, though according to unquote" data the average value of an Inflexion investment is £24.47m.

Company
Founded by Michael Sweeney and Jonathan Pooley in 1992, NPW designs, sources and sells impulse-buy giftware products to retailers in the UK, Europe and North America. The company supplies toiletries, "till-pick" items and fast-moving consumables such as lip balms, tissues, stationery, gadgets and body care sets to clients including including John Lewis, Monsoon, WH Smith, Old Navy and Urban Outfitters.

NPW is based in London but has sales offices in Europe and the US. The company employs 65 members of staff, up from 50 a year ago, and reported an annual turnover of £18.1m in 2012, up from £15.6m at the time of the buyout.

People
Alison Taylor led the deal for Clydesdale. Andrew Leek, Malcolm Coffin and Philip Edmans led the transaction for Inflexion. Leek and John Hartz, managing partner at Inflexion, joined the NPW board as non-executive directors after the 2012 buyout.

Advisers
Debt – DLA Piper, Phil Butler, Daniel Hendon (Legal).
Company – Addleshaw Goddard, Alex Dumphy, Charlotte Thomas, Chris Hardman (Legal); BDO (Financial due diligence); Armstrong (Commercial due diligence).

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• Topics
• Buyouts
• Consumer
• UK / Ireland
• Inflexion Private Equity
• Refinancing
• United Kingdom