GCP acquires Garrets International
Greenhill Capital Partners has acquired Essex-based marine catering management business Garrets International for a reported ТЃ17m.
In 2007, the private equity firm spun out from US investment bank Greenhill. The firm currently manages a European vehicle containing £190m and usually makes controlling or significant minority investments of up to £30m in companies from a variety of sectors with enterprise values of £10m–100m.
Company
Founded in 1991 and based in Essex, Garrets International provides on-board catering services to the marine sector. The company encourages healthy eating and sustainable sourcing. Clients are ship owners and managers of large and small global fleets.
In 2010, international sales totalled £24.2m.
People
Ian Wood is principal at GCP. Derrick Samms is managing director of Garrets International.
Advisers
Company – WH Ireland, Robert Auerbach (Corporate finance).
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