Caird Capital partners a large number of companies covering a wide range of industrial and commercial sectors.
Four Seasons Health Care Group is the UK’s largest independent elderly and specialist care provider.
The Group is run as three separate businesses: Four Seasons Health Care, which provides care services with a particular focus on dementia;brighterkind, which focuses on private residential and nursing care; and The Huntercombe Group, which provides specialised services in mental health, brain injury and neurodisability.
Established over 50 years ago, Miller Developments, is one of the UK’s leading property development companies.
As a long-term developer, Miller has built expertise in every sector of development and has undertaken a broad range of projects across the UK and Europe. The Miller team’s depth and diversity of experience is a key driver in creating value in the development process, be it through site origination and master planning or project management, delivery and funding.
Miller’s activities are often carried out in joint venture with various partners from small development companies with little or no equity, to large plc’s and public sector organisations. Miller have established a JV culture which has enabled them to create long term profitable partnerships, both in UK and Europe.
The depth and diversity of experience allows Miller to develop even during the most difficult of markets, differentiating them from many other developers. Miller is focussed on driving value from its current portfolio, whilst seeking new opportunities, particularly in the recovering UK regional development markets for offices, industrial and housing.
Miller Homes is a major UK housebuilder, with a reputation for quality which has been developed over the last 80 years. Miller is focused on a number of key regions across the UK (the Midlands and Southern England, Northern England and Scotland) and has an established tradition for building family homes in the most desirable locations. As a result, Miller has a distinctive position in the UK housing market, with its UK regional focus meaning it is well placed to benefit from continued recovery in the housing market outside London and the South East of England.
Miller holds one of the largest land banks in the sector relative to current volume supporting its growth plans going forward. Miller continues to invest in high quality land in desirable locations, with a target to grow the number of completed units from the current level of c.2,000 to c.3,000 over the medium term.
With an undersupply of new houses in the UK market, a positive macro-economic environment and continued growth in mortgage availability, the market conditions for Miller Homes are favourable. The business has demonstrated material growth in unit sales and margins over the recent past and with an infrastructure capable of supporting further significant growth, Miller Homes is well placed to deliver its growth targets whilst continuing to enhance margins and ROCE as the business grows.
In October 2017, Miller Homes was sold to private equity group Bridgepoint in a transaction totalling £655 million.
In 2016, the company completed a total of 2,380 homes. For the year to 31 December 2016, the company reported a 13% increase in revenue to £565m and a 31% increase in operating profit to £103m, continuing the strong growth trend seen since Caird’s investment in 2015.
Willerby is the UK’s leading manufacturer of static Holiday Homes and lodges and trades under the Willerby and BK Bluebird brands. In addition its Innovations division manufactures bespoke holiday accommodation for customers such as Warner Leisure and Merlin Entertainments and its housing team has recently completed its second modular housing development for 33 eco-homes in Liverpool.
Willerby Holiday Homes, formed in 1946, is the UK’s market leader in static Holiday Homes and has a rich history that can be traced back to the origins of caravan manufacture. Willerby Holiday Homes continues to be a significant success story for Great British manufacturing, residing in East Yorkshire since formation with a turnover exceeding £145m and employing over 800 staff.
Willerby Holiday Homes has a long distinguished pedigree for developing award winning products for sale throughout the UK and Europe. Willerby has established a loyal and diverse customer base and continues to build on its reputation for manufacturing high quality products in the Holiday Home and Lodge lifestyle sectors with a programme of significant product launches over the months ahead.
Willerby Innovations was established in East Yorkshire in 2009 as a business dedicated to the design, manufacture and installation of high-quality, innovative off-site modular timber frame buildings for the leisure, social and private housing, student and key worker sectors.
Both Willerby Holiday Homes and Innovations have at their heart inspirational lean UK Manufacturing expertise with a continuous improvement philosophy in all they do. By translating innovative and stunning designs into exceptional products that continue to receive plaudits from customers and trade bodies, both businesses continue to thrive in their respective fields.
In June 2017, Caird successfully exited its investment in Willerby via a secondary buy out backed by Equistone.
Chaucer Foods is an exciting global business that specialises in the design and manufacture of ingredients that are used in a wide variety of sweet and savoury convenience and snack foods. Led by Andrew Ducker and David Manning, Chaucer is a specialist in freeze-dried foods as well as manufacturing croutons and other bread based product, selling into multinational food producers and retailers in over 30 countries across the world. The company was formed in 1982 in the UK and now has manufacturing sites in the UK, France, USA and China, employing over 450 people across the globe.
Chaucer has committed significant capital investment recently in its production and technological capabilities, including a US manufacturing facility in Portland, Oregon and has also recently acquired a majority stake in the leading US freeze dried brand, Crunchies Food Company.
In December 2016, Caird successfully exited its investment in Chaucer Foods via a $130m trade sale to Nagatanien Holdings Co. Limited, a Japan headquartered manufacturer and distributor of premixed and instant food.
The deal brings together two well-established and successful businesses that share the same corporate philosophies and aligned strategies, with a central focus on health and wellness products and natural ingredients. Through the transaction, a strategic growth platform will be created for both companies, allowing each to benefit from their existing relationships and respective infrastructures.
Completion of the Chaucer deal, means that Caird has now successfully completed 8 exits since acquiring a debt and equity portfolio from Royal Bank of Scotland (“RBS”) in August 2015.
Established in 1900, Fishers Services Limited is the UK’s largest independent supplier of textile rental services which covers the hotel and leisure sector, healthcare, workwear, cleanroom and washroom hygiene services. Fishers provides almost 2,500 separate customers with textile services throughout Scotland and the North of England, including premier hotels, hospitals, major food producing concerns and smaller independent hospitality premises.
A policy of continual investment in plant, people, facilities and textiles has kept Fishers ahead of the field. Since the 2007 SBO, the business has continued to deliver consistent growth – annual turnover in 2014 was in excess of £34m. Fishers now employs over 700 staff, operates out of four modern plants situated across Scotland and the North East of England and has recently opened a fifth state of the art plant located in Coatbridge, near to Glasgow.
In November 2017, Fishers was sold to K-Bro Linen Inc, a Canadian listed company which is the largest owner and operator of laundry and linen processing facilities in Canada, for a base purchase price of £35 million.
Nylacast is an award winning provider of engineered plastic solutions to a diverse range of sectors including the Automotive, Oil & Gas and Construction industries. The engineering polymers which provide the foundation for Nylacast’s core components are stable, corrosion-resistant, self-lubricating and wear resistant, making them suitable for a wide range of applications and ideal replacements to traditional engineering materials.
With over four decades of engineering excellence along with the pioneering of distinguished engineering polymers, Nylacast hold the unique ability to provide full engineering solutions from initial concepts and raw chemistry through to end components and requirements.
Nylacast is headquartered in Leicester, but supports its customers in markets worldwide, either from Leicester or via its subsidiaries in the US, China and South Africa. Placing a high value on continuous improvement, training and quality, Nylacast is continually investing in its people and technology. As such, the business has an infrastructure capable of delivering growth in its core markets whilst also continuing development and engagement in new sectors.
In July 2018, Caird exited its investment in Nylacast.
PSN operates in the global Oil & Gas Services sector with a wide-ranging service provision scope covering project management, engineering, construction, hook up, commissioning, facilities and production management, operations and maintenance. PSN is a dynamic and flexible global business with a diverse customer base of major independent integrated oil companies, national oil companies, utilities companies and refineries serviced by 8,500 personnel across over 25 countries.
PSN was created in May 2006 through a $280m MBO of the trade and assets from the Halliburton subsidiary, KBR. Since the MBO, PSN has created over 3,500 new jobs and EBITDA has increased by over 160% to in excess of $100m. PSN’s backlog of contracted revenues has grown by over 150% since the MBO and now stands at $3.75bn. PSN has also concluded bolt-on acquisitions in the USA and Canada, formal Joint Ventures have been established in Kazakhstan, Abu Dhabi, Trinidad & Tobago and entry into new geographic markets has been achieved in Romania, Tunisia, Gabon and India.
In April 2011 Caird exited its investment in PSN through the $955m trade sale to PSN’s UK rival, John Wood Group plc. Under the terms of this deal PSN was merged with Wood Group’s existing Production Services division to create Wood Group PSN, the leading global brownfield services supplier with annual revenues of $3.4bn. This transaction positions PSN for the next stage of its development, enabling PSN to strengthen its service capability to existing and new customers whilst providing enhanced career prospects for its people.
Polypipe designs, develops and manufactures the UK’s widest range of plastic piping products and has become the clear market leader through its focused strategy for growth. Operating from 16 manufacturing and operations sites across Europe and the Middle East, Polypipe is a manufacturer of significant scale and competence with a “Safety & Environment First” operational ethos.
The Polypipe brand is synonymous with quality and durability and has an unrivalled reputation that is built around meeting the needs of its end-user markets. With a primary focus on developing and supporting pragmatic product systems through specific knowledge and understanding of the residential, commercial, civils and infrastructure market sectors, customers trust Polypipe’s unrivalled expertise to provide value engineered, fit for purpose piping solutions.
The Polypipe business continues to benefit from the long term trend toward the substitution of more traditional building materials by plastics and provides solutions that enable the effective installation and performance of sustainable building technology, addressing the twin global challenges of carbon reduction and water management.
Caird substantially exited its investment in Polypipe through an IPO in April 2014 which valued the company in excess of £500m.
Following a Caird led process to deliver best shareholder value, including exploring a potential trade sale and a sale to a new private equity backer, work began in earnest in the Autumn of 2013 to prepare Polypipe for a listing on the main London market. Advisers at Moelis, Ernst & Young and Travers Smith worked closely with the company and Caird over a number of months, resulting in the IPO being delivered exactly to schedule.
The company listed at a price of 245p per share, with Caird realising a substantial part of its investment but also retaining an 18% stake in the company post IPO.
A subsequent sale of a 10% stake was completed in December, 2014 at a price of 250p per share and the final 8% held by Caird was sold in October, 2015 at a price of 315p per share.
With the shareholding now fully realised, Caird has received well in excess of £300m from its investment in Polypipe, making it one of the largest and most successful investments the firm has managed.
McColl’s is a leading neighbourhood retailer serving the convenience and newsagent sectors with a strong national presence across the UK. The group operates c.700 McColl’s branded Convenience stores in the UK, and c.500 Newsagents under the Martin’s brand in England and Wales and the RS McColl brand in Scotland. The business employs over 18,000 individuals and processes over c.5m customer transactions each week, which are driven by sales of newspapers and magazines, tobacco, groceries and impulse products. It operates over 400 Post Offices, almost 500 Off Licences and is one of the largest retailers of National Lottery products in the UK.
Since the 2005 MBO, the business has pursued a strategy of building the convenience estate and divesting smaller newsagents. This has resulted in over 300 stores being sold or closed, 250 acquisitions, and a 10% overall increase in retail floor space, which has enabled the Group to capitalise on the growth trends of the UK convenience retail market and improve the Group’s sales and margin mix.
In February 2014, Caird substantially exited its investment in McColls through an IPO which valued the company at c.£250m.
With the IPO market having been active during the summer of 2013, work began to prepare for a full listing for this long established convenience retailer. Caird’s original investment came from a 2005 management buyout and, with the company having both grown and substantially degeared, the time was deemed right to realise value for shareholders as well as to raise fresh capital to continue to accelerate the expansion of the convenience store estate.
Working closely with advisers, particularly the sole bookrunner Numis Securities, the company generated significant interest from investors resulting in a successful IPO at 191p per share. Caird realised most of its investment at the IPO in February 2014 but retained a c. 5% shareholding in the listed entity which went on to be sold in a placing in May 2015.
Established in 1914, Tuffnells Parcels Express is the longest established express parcels carrier in the UK. The business is still headquartered in Sheffield but with a significantly larger operation across a network of over 30 depots, serviced by a fleet in excess of 700 vehicles and c. 2,000 employees. The business handles in excess of 10 million consignments per year with an annual turnover of c. £100m.
Tuffnells specialises exclusively in business-to-business deliveries, allowing the company to develop its business model around business-critical deliveries and cost-effective operational procedures. Since the 2005 MBO, the business has pursued a strategy of investing in the depot network and workforce. In a challenging UK market place, the business has incorporated a number of technological advancements in parcel tracking and is focused on continuing to deliver outstanding customer service levels.
On 19th December 2014, Caird exited its investment in Tuffnells through a sale of the company to Connect Group Plc.
Having explored various exit routes including IPO and trade sale to a number of international acquirers, Connect Group Plc were granted a short period of exclusivity to complete the acquisition in Autumn 2014. Contracts were exchanged on 12th November 2014 and the Class One transaction completed the following month after approval from the acquirer’s shareholders.
The purchase of Tuffnells was described by Connect Group as a significant strategic opportunity and a key step in the Group’s medium term diversification process.
The initial consideration of £113m represented a multiple of 6.3x LTM adjusted EBITDA. An additional £15m deferred consideration is payable over three years – the gross price of £128m represented a multiple of over 7x.
Vue Entertainment is one of the UK’s leading cinema developers and operators of multiplex cinemas. The company has the most modern, well invested and best equipped circuit located in close proximity to densely populated areas. Since the secondary buy-out in June 2006, targeted acquisitions and roll-out in underserved locations have grown the estate from 59 to 70 sites. Coupled with the development of premium products and the use of the latest digital and 3D technology, the business has grown dramatically, more than doubling EBITDA and in 2010 commanded a market share of c.22% by box office revenue.
Digitisation of cinema and the emergence of 3D films continue to drive cinema attendance. Vue is poised to convert the remaining estate to digital generating further operational efficiencies and exciting yield enhancement opportunities including alternative content. Furthermore, Vue is the only UK exhibitor with a significant committed pipeline of new sites.
In December 2010, following a competitive sales process, Caird exited Vue to a £450m tertiary buyout backed by Doughty Hanson.
Vue management see the outcome as a key stepping stone in Vue’s story, with their new owner providing support to facilitate the next stage of development for the Company, and enabling them to continue their organic growth and in particular pursue M&A opportunities.
Rydon is a diversified construction and building services group operating throughout England. Since being established in 1978, the business has grown into a multi-faceted company predominantly operating in the housing, health and education markets. Rydon’s business streams include: new build construction, refurbishment, regeneration, planned and responsive maintenance, PPP/PFI investment, JV whole estates management and private development. Rydon employs over 500 people and has an annual turnover in excess of £175m.
Since the 2006 MBO, Rydon has continued to focus on its core markets, harnessing the combined abilities of the Group and working in partnership with its clients to deliver community focused, innovative construction and development solutions.
In December 2015, Caird exited its investment in Rydon Holdings.
Bifold is a leading designer and manufacturer of switching instrument valves and pumps for the oil and gas industry. Its manufacturing facilities are based in Manchester and Taunton and it sells directly to customers worldwide through sales offices in the UK, Houston and Singapore. Bifold’s success is based on engineering innovation and the business is recognised as having the largest portfolio of products and variants in the industry. It has a strong focus on safety and value engineering with a number of patents underpinning its portfolio.
In April 2012, Caird successfully exited its investment in Bifold through a tertiary buyout, backed by LDC.
Verna Group provides a total solution to human waste management in healthcare and is the global leader in this sector. For over 40 years, Verna has specialised in the design, manufacture and supply of products to hospitals – the Vernacare ‘system’ is creating cleaner, safer, greener healthcare environments by managing infection control with affordable, sustainable products. This cost efficient, environmentally friendly system is now used in over 90% of all UK hospitals and more than 40 countries worldwide. Vernacare is a top 30 supplier to the NHS, and manufactures over 150 million pulp mouldings per year.
Caird exited its investment in Verna to a financial buyer in December 2012.
Premex Group, based in Bolton, provides a range of outsourcing services to the legal, insurance and medical sectors through a number of divisions. Premex Services (PSL) is the UK’s leading provider of medico legal reports to the legal profession and insurance industry, providing over 140,000 medico legal reports per year. PSL also provides outsourced services to facilitate the provision of rehabilitation and injury diagnostic services to the legal and insurance sector. Insight, a start-up in 2007, provides Road Traffic Accident claims investigations and document sign up services to the legal and insurance sectors. 3D Risk Solutions, acquired in 2007, provides outsourcing services for claims management and underwriting services on life, critical illness and income protection insurance. The group is continuing to invest in its infrastructure and people to meet the demands of its growing and dynamic markets.
In May 2011, Caird exited its investment in Premex through a £65.9m trade sale to Examworks Group Inc. Examworks is listed on the NYSE and is a leading global provider of independent medical examinations with offices in the United States, Canada and the UK.
Premex management see the outcome as an excellent development for both customers and staff, with the enlarged group being ideally placed to continue growing through both organic and acquisition opportunities.
Mono is a national, network support services company providing a complete range of products to network operators, emergency service providers and telecoms equipment manufacturers. With 8 UK locations and 180 staff, Mono offers a complete range of end to end support services ranging from initial radio planning and site search for radio base stations through planning, design, site construction, I&C, first line maintenance and, eventually, site decommissioning stages.
Mono also specialises in temporary site deployment, site share management and landlord negotiations.
Whist Mono has been in operation since 1985, recent years have seen growth in revenues and profits with the introduction of an extended, broader service range, national contracts and a partnering approach with its key customers such as Vodafone, O2 and Airwave.
In August 2011 Caird exited its investment in Mono through a MBO backed by a new institutional investor.
Lambert Smith Hampton (LSH) is a commercial property consultancy operating from a national network of 27 offices based in the UK and Ireland. The company offers a wide range of consultancy and transactional services to an enviable private and public sector client base. LSH’s revenues are diversified by client, geography and service line.
LSH underwent an MBO from its parent company, Atkins, in 2007 and since this time has implemented a new management and operational structure within the business to take advantage of future market growth.
In May 2013 Caird exited its investment in LSH via a sale to an institutional investor, Sankaty Advisors, for an undisclosed value. The business delivered a robust performance in difficult market conditions, underpinned by dependable consultancy revenues for an extensive range of blue chip organisations. Over the course of Caird’s investment, LSH instigated a number of strategic changes designed to create a more unified business capable of delivering its real estate services more efficiently and effectively to clients.
Caird’s exit also followed a number of high profile appointments including the sale of the BBC Television Centre, a consultancy mandate to advise Nationwide on its 800 strong property estate and an advisory role to Cerberus on its £375m acquisition of a real estate debt portfolio from Lloyds.
Charterhouse is a leading European marketing communications provider that works in partnership with the marketing departments of blue chip and multinational businesses. Headquartered in the UK and with offices throughout Europe, the company’s range of services includes print management, creative design, data management, permanent point of sale, merchandising, digital, warehousing & distribution and campaign management. Charterhouse delivers a fully outsourced solution and can thereby offer clients a truly independent, conflict free service.
Since the MBO, the business has delivered consistent growth through winning new customers, expanding the range of services offered and developing a pan-European infrastructure which now covers 19 countries.
In December 2012, Caird successfully exited its investment in Charterhouse via a trade sale to Konica Minolta Holdings Inc, the Japanese listed office equipment supplier, for an undisclosed value. During the course of Caird’s investment, Charterhouse successfully expanded its operations across Europe, developed a broader range of marketing services and oversaw a meaningful investment in the development of new systems. The transaction allows Konica Minolta to expand its range of services and provides Charterhouse with a strategic partner with whom it can develop a global platform going forward.
Ainscough Crane Hire is the largest lifting services company in the UK operating a fleet of around 460 mobile and crawler cranes from a national network of 30 depots. Each of Ainscough’s cranes is manned by skilled operators who are trained to the highest industry standards. Ainscough delivers full turnkey engineering solutions using the UK’s most modern crane fleet ranging from 10 to 1,250 tonne lifting capacity. The £255m MBO of the business in October 2007 was followed by the bolt-on acquisition of James Jack Lifting Services in April 2008. Ainscough services a broad blue-chip customer base across the Petrochemical, Energy, Infrastructure, Oil & Gas and Construction sectors.
Ainscough’s strategy is centred on the continued delivery of high quality and reliable crane hire services to its expanding UK customer base. In the last year the Ainscough Wind Energy Services business has been launched offering a turnkey labour and crane solution to the onshore and offshore wind farm installation sector in both the UK and abroad.
Caird achieved a full exit from its investment in December 2012 as part of a financial restructure of the Ainscough group.
Adare is a provider of Global Marketing and Secure Communication Solutions with a full range of print management, print production, mailing, data, design and distribution services. These services are delivered from four operating divisions: Adare Limited, Adare International, Adare Advantage and Kalamazoo Secure Solutions. Adare Limited provides managed document and communication solutions and is focused on print management, transactional and direct mail and marketing communications. Adare International provides pan-European marketing solutions and is focused on outsourced print management, logistics and fulfilment augmented by a full data service offering and in-house creative design capability.
Adare Advantage provides pre-media services, packaging and labelling solutions to major retailers, FMCG businesses and fresh produce providers. Kalamazoo Secure Solutions offers a full range of security print products which include vouchers, tickets, cheques and certificates and access control systems. It also has an export division providing the full range of security print products plus stamps and election solutions.
Since the SBO in 2006, Adare has disposed of a number of non-core assets and completed significant property disposal and business integration programmes. Strong growth is forecast to continue as a result of a number of large pan-European contracts for blue-chip customers, together with continued development of its existing impressive customer base and further investment in its infrastructure, manufacturing facilities and technology capabilities.
In April 15 Caird realised its investment in Adare through a £60m Secondary Buyout led by CEO, Robert Whiteside and supported by Endless LLP and HSBC Bank Plc.
Steelite is a world leading designer, manufacturer and distributor of table top ranges to the international hospitality industry with more than 70% of sales generated abroad. From its head office in the UK as well as operations in the US and Middle East, the business supplies ceramic tableware, glassware and metal ware to a number of sectors including commercial catering and leisure. The business has an established and sophisticated sales and marketing team with global reach, which distributes both own and third party manufactured product. Steelite’s core chinaware is manufactured from its modern and efficient factory in Stoke-on-Trent and is well known for its quality.
Since the MBO in 2006, Steelite has expanded its US footprint significantly and also leveraged its sales and marketing ability through targeted additions of third party products to the range. This strategy continues to be pursued and presents excellent routes to further international growth. Steelite also continues to demonstrate innovation both through product design as well as sales techniques including lifetime product guarantees.
In December 2013, Caird exited its investment in Steelite International.
Securistyle is a leading manufacturer and supplier of friction hinges, handles, locking mechanisms and other accessories for window systems and doors. The company has a strong commitment to R&D and works closely with architects, specifiers, fabricators and contractors to help improve the standard and performance of commercial and domestic windows and doors in the UK and overseas. The company has also built a strong reputation for delivering on the specialist demands of the social housing market and high specification commercial projects. Since the time of the 2006 secondary MBO, Securistyle has invested further in its manufacturing capabilities, and expanded its product range and geographical reach.
In January 2012, Caird exited its investment in Securistyle via a trade sale to Assa Abloy AB. Assa Abloy are a Swedish listed multinational manufacturer of door locks and security solutions equipment.
Maynard & Harris specialises in the design, manufacture and decoration of high quality plastic bottles, closures, flexible tubes, and jars to a range of markets including personal care, healthcare, pharmaceutical, nutritional, pet care, automotive and household products. The company is headquartered in Beccles, Suffolk where it employs over 500 people on a custom-built 50-acre site. Maynard & Harris also has a growing presence in the USA through its Winchester, Virginia based subsidiary.
Maynard & Harris is extremely well placed in its market, with a diverse mix of products, customers and an extensive tool library built up over 30 years. Maynard & Harris’s infrastructure allows it to move from concept to completion rapidly, delivering high quality, value for money products to its customers. The continual aim of the business is to deliver the fastest, full service, high-quality packaging offering in the industry.
In December 2013, Caird successfully exited its investment in M&H through a trade sale to RPC Group PLC.
The Malcolm Group’s activities are focused on the provision of fully integrated road, rail and warehousing logistics solutions throughout the UK and in delivering medium to large civil engineering and groundwork’s contracts and waste management services to the construction sector in Scotland. The company’s expertise in both of these fields has been built up over a period of more than 60 years. The company was taken private in May 2005 and returned to family ownership.
Future strategy is based on the continued development and expansion of the logistics business with the focus of the constructions services division on an established blue-chip customer base in relation to major projects such as the Glasgow Commonwealth Games.
In December 2015, Caird exited its investment in The Malcolm Group.
Founded in 1966, Gradus is a market leading designer and manufacturer of contract interior building products, serving a wide range of sectors including commercial, healthcare, education, retail and leisure. Headquartered in Macclesfield the company offers solutions for floor coverings, barrier matting, wall protection and lighting design, in addition to a comprehensive range of stair edging and floor trim profiles. Gradus products have been used in landmarks such as the new Wembley Stadium and the Olympic Stadium in Sydney.
Since the SBO in 2007, Gradus has continued to invest in its manufacturing facilities and expand its product range and is well positioned to take advantage of future market opportunities.
In April 2014, Caird exited its investment in Gradus.
Camira is an award winning textile innovator, manufacturing fabric for sale worldwide. The company designs, manufactures and distributes contract upholstery fabrics for global interiors into markets such as corporate offices, education, healthcare, hospitality, auditoria and mass passenger transport. Capabilities encompass the entire textile supply chain from spinning and yarn manufacture, to dyeing, dobby and jacquard weaving, technical knitting and textile finishing at sites in the UK and Lithuania.
Camira is focussed on product innovation and sustainable development, developing innovative fabrics from harvested nettles and hemp, achieving 99% waste recycling, and undertaking comprehensive CSR outreach programmes. Following global sales initiatives in North America and China, the company added a London showroom facility to support its progress in the international fabric specification market.
In April 2015 Caird successfully exited its investment in Camira through a secondary buy out backed by Pricoa Capital.
At the time of Caird’s investment Kew Green Hotels operated over 20 hotels across the UK under five major brands: Holiday Inn, Express by Holiday Inn, Crowne Plaza, Days Inn and Courtyard by Marriott. The regionally diverse portfolio encompasses limited service (also known as economy or budget) and full service hotels (a segment which includes luxury and mid-market hotels), all well located at airports, in city centres and in proximity to business parks and strategic transportation hubs.
The portfolio benefits from a well-balanced demand mix comprising transient, local corporate and leisure-related business streams. The company has recently expanded into management contracts and now also operates hotels on behalf of other asset owners.
In May 2014, Caird exited its investment in Kew Green.
At the time of the Caird’s investment David Lloyd Leisure was the largest operator of racquets, health and fitness clubs in Europe. The portfolio consisted of 91 premium, family oriented clubs with 80 clubs in the UK and 10 sites in Europe including Brussels, Barcelona, Dublin and Amsterdam. The Group was formed following the secondary buy-out of Next Generation Clubs and the simultaneous acquisition of David Lloyd Leisure Limited. The combination of these leading brands has created unrivalled facilities with a membership of over 450,000. Six thousand people are employed including more than 350 tennis professionals and an expert health and fitness team of over 750.
David Lloyd Leisure successfully completed the integration and re-branding of the estate and has continued its UK roll-out strategy following the transaction in 2007. In addition, through a specific overseas initiative leveraging both the brand and the team’s operational expertise, the company has now secured an exciting international pipeline of sites. The company has also enhanced and developed the offering through its comprehensive digital marketing and CRM initiative as well as extending the offering into the medical sector. David Lloyd Leisure is now a leading premium Health, Sport and Leisure business capable of leveraging this expertise to grow into new markets.
In November 2013, following a competitive process, Caird exited its investment in David Lloyd Leisure in a secondary buy-out backed by UK PE house TDR Capital. The deal was completed at a value of c£750m representing c8.5x EBITDA.
During Caird’s investment, the business opened five large scale racquet clubs in the UK including the new flagship club in Farnham in December 2011, complete with a state-of-the-art Amida spa facility. This takes the total portfolio across the UK and Continental Europe to 91 clubs. The business also developed and commenced the roll-out of a new concept, DL Studio, which leverages the strong brand by offering personal and group training classes in high street locations – three sites were opened during 2013 with a positive pipeline established.
Over the six years of ownership, the business also invested c£150m in a programme of targeted capex and repair activity in order to maintain the high quality of the properties and develop the product offering which resulted in stable earnings delivery through the economic downturn.
From its solid platform of resilient cash generation, and against the backdrop of an improving consumer environment and greater family participation in sports and fitness, the business is extremely well placed to grow further lead by the first class management team and under the control of its new owners who have deep experience in the leisure sector.
D&D London owns more than 20 of the best known restaurants in London including Coq D’Argent, Skylon and Bluebird, as well as restaurants in Paris, New York, and Tokyo. Restaurant Magazine has described D&D London as “The leading high quality restaurant group in the UK.”
At the time of Caird’s investment the strategy was to grow the restaurant business in the UK and internationally, and to develop a complimentary hotel business. In this regard, D&D opened South Place Hotel in the city of London in 2012.
In April 2013, Caird successfully exited its investment in D&D London via a secondary buy out backed by LDC.
TM Lewin is a design led retailer of men’s and women’s shirts and formalwear, providing an attractive blend of quality and price to its customers. The company is a UK market leader in quality business wear for professionals and has evolved into a true multi-channel retailer, supplying into the Home Shopping and International markets as well as from over 95 UK retail sites.
TM Lewin has grown rapidly since the 2006 MBO, more than doubling both revenues and the number of stores whilst also developing its International and Home Shopping offerings. The growth of TM Lewin has been supported by corresponding investment in infrastructure to create a highly scalable business which is capable of supporting both domestic and international growth.
In July 15 Caird successfully sold its investment to the management team led by CEO, Geoff Quinn, and supported by Sankaty Advisors LLC, the credit affiliate of Bain Capital, and Lloyds Banking Group Plc.
House of Fraser is a leading department store group with multiple locations across the UK and Ireland, in addition to a rapidly growing online business. Renowned for its designer brands and exclusive collections, selling everything from home accessories to beauty essentials, House of Fraser offers luxurious items at affordable prices. The business employs 6,500 House of Fraser staff and 10,000 concession staff and has annual sales in excess of £1.35bn.
House of Fraser continues to invest in the business to support the strategy of introducing new and exciting premium brands at competitive prices.
Caird successfully exited its investment in House of Fraser through a trade sale to Sanpower, a Chinese conglomerate, in August 2014.
DCK Concessions is one of the leading fashion jewellery retailers in the world. It trades in over 3,000 concession outlets across 22 countries worldwide. DCK has one of the largest design, sourcing and buying teams for fashion jewellery worldwide and employs over 2,600 staff. The Group operates concessions in the UK, US and Western Europe as well as stores with local partners in a number of international locations.
Since the MBO in 2005, DCK has grown substantially, further penetrating the UK market and expanding internationally. The business’s focus for the future will be to continue rapid growth through store and concession growth in the UK and abroad.
In December 2012, Caird exited its investment in DCK Group via a sale to an incoming strategic investor for an undisclosed value. The strategic investor is an existing Joint Venture partner with whom management will continue to work alongside to deliver future growth.
Green Property is a property development and investment company operating in the core commercial sectors of retail, industrial & office in Ireland.
In July 2017, Caird exited its investment in Green Property.
The Vita Group are proud to be a leader in a wide range of markets. With 35 sites in 13 countries, they work with their customers to create innovative, quality products. Their aim is simple – to be the best in the markets in which they operate.
Formed over 60 years ago as British Vita, the business now operates internationally supplying a vast range of foams for applications ranging from transportation, general industry, construction, furniture & bedding to packaging.
In May 2018, Caird sold its investment in Vita Group to Strategic Value Partners.
Rodenstock is Germany’s leading manufacturer of ophthalmic lenses and frames. The company was founded in 1877 by Josef Rodenstock. It has a worldwide workforce of approximately 4,500 and is represented in more than 85 countries with sales subsidiaries and distribution partners. The head office is in Munich, and it has production sites for lenses at a total of 15 other locations in 13 countries.
Competence for lenses as well as frames makes Rodenstock into a unique brand in ophthalmic optics, because it can offer glasses wearers the complete “glasses” system from a single source.
At the heart of its activities is optimisation of the optical imaging properties, increasing the wearing comfort and providing a design that highlights the personality of the glasses wearer. In other words: improving vision and looks.
In May 2016, Caird exited its investment in Rodenstock.
The Ferretti Group is a world leader in the design, construction and sale of motor yachts and pleasure vessels, with a unique portfolio of prestigious and exclusive brands: Ferretti Yachts, Riva, Pershing, Itama, Mochi Craft, CRN and Custom Line.
Led by Chairman Tan Xuguang and Chief Executive Officer Alberto Galassi, the Ferretti Group has modern shipyards located across Italy, which combine the efficiency of industrial production with typical world-class Italian craftsmanship – the heritage of Italy’s centuries-old yachting tradition.
Established in 1968, the Group is also present in the USA – through its subsidiary Ferretti Group America, which manages a network of dealers and brokers specializing in the marketing and sale of the Group’s brands throughout the North American market – and in Asia, through its subsidiary Ferretti Group Asia Pacific Ltd., based in Hong Kong, as well as several representative offices and sales centres in Shanghai, Qingdao and Hong Kong.
Moreover, a network of more than 60 selected dealers gives the Group a presence in over 80 countries, ensuring clients receive the best in class assistance to their boat in the worldwide marinas.
The Ferretti Group has always been a leader in the pleasure boating industry, thanks to steady product and process innovation and the constant search for cutting-edge technological solutions.
The wide range of available boats – flybridge, runabout, open, coupé, lobster boats, maxi and mega-yachts – is conceived by the Group’s Product Strategy Committee, the Marketing department and the Engineering department, committed to developing aesthetic and innovative solutions, working in close cooperation with first class boat designers.
For this reason, all Ferretti Group motor yachts have always distinguished themselves for outstanding quality, great safety and excellent performances at sea, as well as for their exclusive design and timeless charm, which make them stand out in the boating sector worldwide.
In April 2016, Caird sold its investment in Ferretti Group to F Investments S.A., a holding company controlled by the Ferrari family.
World Kitchen is a world leader in the house ware industry. It manufactures and markets kitchen housewares products worldwide, for use in preparing, cooking, serving and storing food. World Kitchen is headquartered in Rosemont, Illinois.
World Kitchen markets a wide variety of well known, trusted house ware brands including CORELLE®, CORNINGWARE® & VISIONS®
World Kitchen was a subsidiary of Corning Incorporated until April 1998 – an organisation renowned for its technological innovation; especially in specialty glass and glass ceramic materials. At the beginning of the 20th century, Corning invented the first heat and cold resistant glass that could be used in bake ware. That became the PYREX glass bake ware business. The 1950s saw the development of glass ceramics, and the introduction of CORNINGWARE cookware. CORELLE glass dinnerware, another unique three-layer sandwiched glass material known for its durability, was launched in 1970. A cousin of CORNINGWARE, the revolutionary see-through VISIONS cookware was introduced in early 1980s.
In April 1998, Corning Incorporated spun off its American and Asia consumer housewares business, which is World Kitchen. World Kitchen continued the innovation by introducing new products and materials, including under the names CORNINGWARE and CORELLE, while continuing to market its PYREX glass bake ware, CORNINGWARE glass ceramic, CORELLE glass dinnerware, VISIONS cookware and numerous other brands.
In May 2017, Caird exited its investment in World Kitchen.
Dayco is a global leader in the research, design, manufacturing and distribution of essential engine products, drive systems and services for automobiles, trucks, construction, agriculture and industry.
In August 2018, Caird exited its investment in Dayco.
The Clyde Bergemann Power Group is a globally leading enterprise serving the energy generation and base material industries. Relying on its worldwide organisation, Clyde Bergemann supplies products and system solutions which are key to an efficient and environmentally sound energy and base material generation.
In April 2016, Caird sold its investment in Clyde Bergemann Power Group to Georgenbach Company Limited.
Clyde Blowers Capital Fund is a private equity buyout fund managed by Clyde Blowers Capital IM LLP. The Fund invests principally in European headquartered businesses supplying services and equipment in the Power (Conventional, Nuclear and Renewables), Oil & Gas (Upstream and Downstream), Metals & Minerals, Chemicals & Petrochemicals and Water & Waste Water sectors.
Five platform investments were made in November 2008 which the CBC team has strengthened through organic growth, joint ventures and acquisitions. Two investments have been realised to date.