Matrix backs buyout of Vectair Systems

Guy
31 January 2006

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Vectair Systems Ltd, a leading provider of air care and sanitary washroom products, has been sold by private investors, including its co-founder to its management team in a £3.5m management buyout. Matrix Private Equity Partners invested £1.1m with the remaining funds comprising cash and roll-over from management and senior debt from Bank of Scotland.

Vectair designs, sources and sells products primarily for use in office and commercial washrooms. The proprietary products comprise fragrance dispensers and sanitizers that, once installed, generate recurring revenue.

Vectair’s products are supplied to third party service providers and directly to end users. Typical customers range from British Telecom to PHS Group. An important component of future strategy is to increase market penetration in Europe from the company’s existing base of 80 distributors. Basingstoke-based Vectair is profitable, with annual revenue of £5m and employs 20 staff.

The MBO team is led by Paul Wonnacott, co-founder and managing director and includes existing directors, Joe Ovenden, Richard Martin and Colin Davies.