Maven sells Homelux to QEP Company

Maven reinvested in the remaining company, Nenplas, for a minority stake alongside management, following the split of the two businesses. Homelux sold for several million pounds and the GP said in a statement it was pleased with the return it made on this occasion.

Nenplas will focus on delivering extruded plastic products and solutions. The GP expects the business to grow significantly over the next few years and plans to support new bolt-on acquisitions, it said in a statement.

Previous funding
Maven (then Aberdeen Asset Managers Growth Capital) bought Homelux Nenplas in a management buyout from US-based Newell Rubbermaid in 2006. The GP contributed £2.3m of equity for a substantial minority stake in the business. The MBO was backed by debt from Yorkshire Bank.

Since the initial investment, the company has grown quickly and, following a strategic acquisition, the group had a turnover of almost £20m.

Company
Homelux supplies tile accessories to the DIY and professional market. Specialising in the marketing and merchandising of kitchen and bathroom products, the business supplies home improvement outlets across the UK, Europe and North America. The business was formed in 2006 following the MBO led by Andrew Ferguson of Maven. It is headquartered in Ashbourne.

People
Mike Collis is a portfolio manager at Maven.

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• Topics
• Exits
• Portfolio management
• UK / Ireland
• Industrials
• Maven Capital Partners
• United Kingdom
• Partial sale