Importer and distributor of artificial flowers CB Imports has completed a £12 million management buy-out (MBO) backed by Matrix Private Equity Partners.
Importer and distributor of artificial flowers CB Imports has completed a £12 million management buy-out (MBO) backed by Matrix Private Equity Partners.
Established in 1990, the Leeds-based company imports and distributes flowers, glassware, giftware and Christmas decorations. It employs 270 people and generates sales of £20 million. In addition to its flower business, the company also operates a division of wholesale cash and carry outlets trading as Country Baskets, with warehouses in Leeds, Manchester, Birmingham and Glasgow.
Steve Wood, MD of CB Imports and part of the MBO team, says the floral industry has been affected by the recession, but adds it is benefitting from ‘value-focused customers.’
Sterling Corporate Finance acted as lead advisers on the deal. The team was led by partner Jonathan Smith, who remarks, ‘This was a challenging assignment in the current funding environment. On one hand, [we had to] ensure the needs of the shareholders were met, but at the same time provide sufficient resources to enable the business to expand.’
