Montagu Private Equity, which a decade ago bought a 67% stake in in 40-year-old consumer electronics retailer Maplin for £244m, has sold its share for £85m, it has been announced.
New buyers Rutland Partners will add Maplin to an investment portfolio that includes Pizza Hut and financial services company Buy As You View, as well as the household goods business CeDo.
Managing Partner Nick Morrill said: “We believe our history and the focus of our investment strategy differentiates us in the private equity market. It makes us a powerful and supportive investment partner, able to make a real difference to the success of Maplin and we are excited by the challenge in front of us all.”
John Cleland, CEO of Maplin since 2012, added: “Our strategic plans for Maplin represent substantial growth in sales and profit, continuing on the journey already mapped out that focuses on improved customer experience in all key channels, substantially broadening our range of products and innovation, and investing in our ability to offer the best electronics and technical advice to our customers.”
A total of US$4.88 trillion of debt has been sold so far this year reports Dealogic, close to the level of 2007 when US$4.91 trillion of bonds were issued over the same period.
The German industrial gases group has ended talks with its US peer on a potential union to establish a market leader.
The US exchange said it will introduce incentives from next month to make lower-volume exchange traded funds easier to buy and sell.
A survey of 1,000 merger and acquisition dealmakers finds that seven in 10 expect Brexit uncertainty to limit the number of deals.