ISIS Equity Partners Finds New Spa-ing Partner

The Midlands office of ISIS Equity Partners plc ("ISIS") is pleased to announce the completion of the management-buy-out of Spaform Limited ("Spaform") for an undisclosed sum.

Spaform is one of Europe's leading manufacturers of portable, commercial and domestic spa baths. Spaform supplies around 25% of the UK market for portable spa baths. Its consumer product range is sold via a network of independent dealers. Spaform is based in Portsmouth and employs c.120 staff. Turnover in 2003 was in excess of £11m.

Spa baths have seen a dramatic surge in popularity on the back of leisure trends and the product visibility provided by television programmes such as "Big Brother" and "Footballers' Wives". Consumer demand has further been driven by the health benefits associated with regular spa bath usage. The broad consumer appeal is demonstrated by Spaform exhibiting at a range of shows from the "Ideal Home Show" to "Erotica".

The deal was sourced by Mike Yiannis of Friend LLP who advised management. Adam Attwood and Simon Ward led the transaction for ISIS. Working capital facilities to support the transaction were provided by Cliff Meek of Venture Finance, Birmingham.

Jim Telford, Managing Director of Spaform, stated: "Growth in the portable spa bath market has been very impressive in recent years and our products are benefiting from the continuing trend for increased expenditure for personal well-being and recreation. We are very excited to have linked up with ISIS who will bring us the financial muscle to exploit the opportunities that are open to us."

Adam Attwood, Director, New Investments, at ISIS, commented that: "Spaform and its management team have an excellent position in the market place. We believe that with further focus on brand and channel development the business can develop into a premium consumer branded products business."

Steven Dunne has joined the Board of Spaform on behalf of ISIS.

Published: 03 February, 2004