Adrian Ballam and James Farrell have advised £30m-turnover laundry and cleaning product manufacturer Star Brands on its significant investment from Mobeus to support a buy-in management buyout. (BIMBO).
Star Brands is headquartered in Leeds and has a manufacturing plant in Redditch. It currently employs about 125 staff, with 30 of those added during the last 12 months.
The company is targeting 60 per cent growth in turnover over the two years to August 2019.
Star Brands manufactures both branded and private label laundry and cleaning products, with its range including Stardrops, Clean-ology, Wizz, and The Pink Stuff.
The BIMBO is principally financed by investment firm Mobeus, with a layered debt and equity package.
The team is led by current managing director Tim North and Henrik Pade, a marketing and M&A expert, who will become joint MDs as part of the deal. The team also includes existing management members Paul Kirby (operations director), Steve Whattam (purchasing director), Chris Dawson (head of sales) and Gosia Bilska Pietrasiak (head of technical)). Gavin Thomas (finance director) will also join the team as part of the transaction and Nick Ward was introduced by Mobeus as chairman.
The majority of the BIMBO team has already worked together at PE-backed convenience food manufacturer Symingtons between 2007 and 2012.
Tim North, Star Brands managing director, added: "This is a really exciting time for the whole team at Star Brands who have grown the business over the past few years by listening to what our customers and consumers need and acting accordingly.