FF&P Private Equity invests £8m in David Phillips MBO

Anneken Tappe
24 September 2012

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The private equity business of Fleming Family & Partners has acquired a majority stake in British property services provider David Phillips Furniture for ТЃ8m.

The management team reinvested in the company as part of the all-equity transaction. David Phillips has existing debt underwritten by HSBC.

Company
David Phillips Furniture is a property services company active in all of the UK. It provides replenishment services and complete furnishing of individual and multi-unit properties. It caters to 25,000 customers across the country and operates warehouses in London, Manchester and Edinburgh.

In 2010, the company launched a furniture rental business, the profits of which have doubled over the past 12 months.

David Phillips expects its 2012 sales to hit £20m, a 30% increase on last year's £15.4m.

People
Henry Sallitt, divisional co-head, led the deal on behalf of FF&P. Nicholas Gill is CEO of David Phillips.

Advisers
Equity – Speechly Bircham (Corporate finance); BDO (Financial due diligence).
Company – Clearwater Corporate Finance (Corporate finance); Pinsent Masons (Legal).
Management – Richards Kibbe & Orbe (Legal).