YFM Equity Partners has sold its stake in Gill, a British performance sports apparel brand, to the Myers family office and Pop Capital. No financial terms were disclosed.
8 December 2018: YFM Equity Partners has sold its stake in Gill Marine Holdings Limited (“Gill”) for an undisclosed sum to the Myers family office, working in conjunction with Pop Capital, a specialist brand investor.
Gill, the iconic British performance apparel brand, has more than 40 years of heritage in designing technical clothing, footwear and accessories for elite sailors and marine enthusiasts within its global distribution network. The Company is led by CEO Jamie Tunnicliffe and his team of COO Ian Poore, Commercial Director Dominic McCarthy and Product Director Matt Clark.
YFM and its advised funds, including British Smaller Companies VCT plc and British Smaller Companies VCT2 plc, backed the management buyout of Gill Marine in 2013. Over the last five years, the Company has continued to develop its product offering, its marketing capabilities and its ecommerce business, and most recently acquired its US distributor. Today’s acquisition provides a full exit for all funds and delivers a 2x return on YFM’s original £9m investment.
Jamie Tunnicliffe, CEO of Gill Marine, commented: “These are exciting times for Gill. YFM has supported us through a period of significant expansion for Gill and played a key role in helping us achieve our success. We are now well placed to continue the growth and look forward to working with our new owner to deliver Gill’s full potential as a global marine inspired technical apparel brand.”
Commenting on the realisation, Ian Waterfield, Partner at YFM stated: “It has been a real privilege to work with the outstanding Gill management team, supported by Chairman Steve Richards. Gill is a fantastic brand and we are sure that the new owners of the business will help drive even further growth.”
YFM and the other shareholders were advised by Ash Burman of Financo, and Richard Medd and Sam Sharp at Browne Jacobson LLP acted as legal counsel. KPMG provided financial due diligence support and Pragma Consulting provided commercial due diligence.
The Myers family office was advised by Osborne Clarke, Deloitte, Macfarlanes, PWC and Cains.
About YFM Equity Partners
YFM Equity Partners are leading independently owned private equity investors. With 35 years of experience we seek to unlock value and growth potential by providing up to £10 million of equity to fuel the development of established business throughout the UK regions. We do this by helping our portfolio companies grow niche businesses, launch new initiatives, make transformative acquisitions and upgrade technologies and systems.
Through our offices in Leeds, London, Manchester, Birmingham and Sheffield, we are dedicated to working alongside management teams to create long-term value for our investors, the companies we invest in and a positive economic impact for the communities in which we work. We advise and manage approaching £225 million of funds.
YFM Equity Partners conducts its investment business through its subsidiary YFM Private Equity Limited which is authorised and regulated by the Financial Conduct Authority (FRN: 122120).
For more information, please visit www.yfmep.com or follow us on Twitter @YFMEP.