UK- August Equity completes Hat Trick exit

In 2003 August, via its Kleinwort Capital Partners Fund IV, invested £23m into the business to fund its expansion. The management team retained the balance of the equity. Barclays provided debt to support the original deal, which was split between £9m of equity, £12m debt and a £1.75m loan note.

Mulville now owns the majority of the company, with chairman Patrick McKenna holding a minority stake.

It is understood that the transaction has been in the works since 2006, when Mulville realised that too much debt in a small to medium sized company could prohibit its growth. He was quoted in The Guardian yesterday as stating "in real world terms there's no debt in the business."

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• UK / Ireland