Rutland backs Buy As You View MBO with £33.1m

Anneken Tappe
30 October 2012

Tweet
Facebook
LinkedIn
Google plus
Send to

Rutland Partners has invested ТЃ33.1m in British retail and consumer finance business Buy As You View (BAYV), supporting its MBO from a bank syndicate.

Capital for the all-equity transaction was sourced from Rutland Fund II, which closed on £320m. It was the seventh investment from the fund.

Company
Buy As You View is a retail and consumer finance company that offers customers electrical and household goods on an alternative pay basis, such as weekly installments. The company was founded by Rhondda Valley in 1972 and is based in Bridgend, Wales.

BAYV has a customer base of 75,000 throughout the UK and employs 550 staff.

People
Partner Ben Slatter led Rutland Partners' investment team, consisting of Paul Cartwright, Tristan Craddock and Michael Reynolds. BAYV's management team was led by chairman Adrian Hill and CEO Graham Clarke.

Advisers
Equity – Taylor Wessing, Nick Hazell, Emma Danks (Legal); PricewaterhouseCoopers, Andrew Smith (Tax); The CIO Partnership, Richard Rose, Kevin Borley (IT due diligence).
Vendor – Ernst & Young, Richard Hall (Financial due diligence); PricewaterhouseCoopers, Tracey Bentham (Tax); Macfarlanes, William David (Legal); DLA Piper, Simon Neilson-Clark, Tim Lake (Legal); Lester Aldridge, Robert Rosenberg (Regulatory due diligence); OC&C, David Hosein (Commercial due diligence).
Company – Canaccord Genuity Hawkpoint, Lawrence Guthrie, Ashok Patel (M&A); Macfarlanes, Charles Meek, William David (Legal).