NVM backs Haystack Dryers

The company plans to use part of the funding to cater for new theme parks in the expanding far east market, while also targeting new sectors. The deal was initiated by the management of the company and not widely marketed.

Company
Dorset-based Haystack Dryers was founded in 2000 as a manufacturer and distributor of people dryers to swimming pools and leisure centres within the UK. Under new managing director Paul Thomas, who took the helm in 2006, the business started catering for theme parks.

Haystack Dryers generates the majority of its income through a revenue share scheme, whereby the company retains ownership of the dryers and shares revenues with its customers. The company's core product is the Cyclone Dryer, supplied to customers including SeaWorld Group, Universal Studios and Legoland. Haystack Dryers has an EBITDA of about £1m.

People
NVM investment director David Rolfe worked on the deal.

Advisers
Equity – PricewaterhouseCoopers, Jason Wakelam, Alex Pascoe, Helen Adams (Financial due diligence); Wragge & Co, David Marshall, Sophie O'Connor (Legal); LDP, Yael Coifman (Commercial due diligence); Mercuri Urval, Richard Edmondson (Management due diligence).
Management – BDO, Paul Russell, Helen O'Kane, Michelle Trench (Corporate finance); Moore Blatch, Peter Jeffery, Anna West (Legal).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• BDO Stoy Hayward
• PricewaterhouseCoopers
• Wragge & Co