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.”
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