MONTAGU Private Equity, one of the oldest buyout shops in the UK, yesterday cashed out its stake in outdoor clothing company Hansen Protection, two years after carving out the Nordic business in a management buyout.
Montagu, set up in 1968, has sold the business to rival Nordic private equity investor IK Investment Partners after originally taking control in February 2011.
The sale is thought to be worth around €150m-€160m, two times the firm’s original stake.
Montagu, which also owns waste management company Biffa, took on Hansen after it was separated from the Helly Hansen group, the maker of outdoor wear beloved of skiers.
The newly formed group, renamed Hansen Protection from Helly Hansen Pro, focused on providing specialist survival suits which need to be worn in extreme weather conditions.
Montagu backed the buyout with cash from the third fund it had raised. It raised a fourth fund in 2011.
Director Anthony Greensmith said: “Our partnership with Hansen Protection has been very productive and we are delighted with the company’s growth since our investment.”
Montagu Private Equity once again used the services of Rothschilds, one of the biggest names in corporate advising, to help offload its stake in Hansen. Rothschild, which was appointed in February to help prepare for an exit off the company, originally helped the company in the summer of 2011 to sell Marlow Foods, the manufacturer and distributor of the Quorn branded products to Premier Foods for £172. Rothschild has also been on the other side of the fence, advising a rival private equity group Lion Capital buy GHD Group from Montagu earlier this year. The sale of Hansen was handled by Rothschild’s team, out of its Manchester office. Heading the M&A team in the north west are Chris Wright and Bod Buckby, who both have experience in private equity M&A.