Electronics retailer Maplin has been sold to private equity firm Rutland Partners for £85m.
Maplin, the UK’s leading specialist retailer of consumer electronics based in Wombwell in South Yorkshire, was sold by Montagu Private Equity.
Montagu expand Maplin into a national brand which now has over 210 stores throughout the UK and Ireland.
Maplin generates over £220m in revenues, up from £100m when Montagu acquired the business.
John Lovering, retiring chairman of Maplin, said: “Maplin has been a long term investment for Montagu.
“They managed the business carefully and prudently through the recession, maximising cash flow and emerging in a post-Lehman world as a deleveraged survivor.”
He said that Maplin has been repositioned as a retailer for people who want to use electronics, but need technical help and advice.
“Personally, I think Maplin is on the threshold of a great period in its history, “ he added.
“It is now time for a new shareholder to take the business forward, building on the strong foundations laid.”
John Cleland, Maplin’s chief executive, said: “Montagu have been highly supportive of management’s plans to reposition Maplin for the future which has enabled us to deliver on our growth plans.
“The recent investment we have made in our shops, our new web platform, our exciting new product range and our people is really starting to pay off as we have enjoyed very
strong like for like performance coming through in the first six months of 2014.”
PwC acted as advisor to Montagu.
Law firm Eversheds, led by partner Alasdair Outhwaite who was assisted by Associate Elizabeth Tindall and trainee Laura Evans, advised Maplin and its management team.
Mr Outhwaite said: “Having advised Maplin since its acquisition in 2004 by Montagu Private Equity, it has been a pleasure to once again work with the company and its management team on this latest stage in their journey.”