ISIS Equity Partners Invests in Country Artists
The Midlands office of ISIS Equity Partners plc ("ISIS") is pleased to announce the completion of the management-buy-out of Country Artists Limited ("Country Artists"). ISIS has taken a majority stake in Country Artists.
Country Artists is the UK's leading privately owned designer and distributor of quality giftware products. The company is based in Wellesbourne and Stratford upon Avon, and has a US subsidiary company to meet the growing demand in the United States for its product range. Country Artists employs circa 150 people across its 3 sites. Turnover in 2003 was c.£14m and the business is generating strong profits.
Country Artists' has a portfolio of 12 popular brands. Its brands range from traditional life-like pieces to more modern representational pieces such as A Breed Apart and the newly introduced Speed Freaks (which was recently voted Gift of the Year in the Collectible category by the Giftware Association.)
Country Artists distributes its products through independent china and glass retailers, department stores, national high street chains, garden centres and mail order companies. Country Artists maintains its market leading position due to innovative product development, high quality products and market knowledge. The deal was directly sourced by ISIS Equity Partners. Adam Attwood led the transaction for ISIS, with Nick Ktori and Simon Ward. Bank funding and Working Capital finance was provided by Lloyds TSB Corporate Acquisition Finance and Lloyds TSB Commercial Finance.
Kroll Corporate Finance ("Kroll") advised management / Newco and PricewaterhouseCoopers advised the Shareholders. DLA were the legal advisers to ISIS and Newco.
Chris Winstone, Managing Director of Country Artists stated: "Management are delighted to have been given the opportunity to continue and build upon the success of Country Artists. We are excited by the prospect of pairing up with ISIS and benefiting from the skills they bring, particularly through their specific Consumer Markets sector focus."
Adam Attwood of ISIS commented: "Country Artists is an attractive asset. Its wide portfolio of products provides an ideal platform from which to grow. We have been particularly impressed with the innovative product development skills of the Company and believe that Country Artists is well placed to continue its strong growth in what some commentators see as a challenging market. We are very much looking forward to working with management to further develop the huge potential of the business".
Published: 12 July, 2004
