Yorkshire-based Damartex has completed the the £25 million acquisition of Coopers of Stortford, a UK based company specialized in multi-channel sales of practical products for the home, garden & leisure.
Founded in 1995 by Neil Cooper, the family-owned company has achieved sales revenues of £29.6 million in 2012 – an increase of 40 per cent on the prior year – with EBITDA of £3.7 million.
Located in Bishop Stortford, North East of London, Coopers of Stortford retails innovative and practical products in the areas of health, home, gardening, cooking and leisure. Customers can buy products through catalogues, web or or retail store.
The active management of a portfolio of brands dedicated to the Senior market (55+) is the corner stone of the Damartex strategy.
This acquisition fits within this strategy and provides the opportunity to further strengthen Damartex’s position on the UK market where it is already present with the Damart, Afibel and Sedagyl brands.
With 160 employees and thanks to outstanding customer service, Coopers of Stortford is experiencing rapid growth with 1 400 000 customers in the UK.
The management team of Coopers of Stotford is experienced and committed and will remain in charge of the business, reporting to Andy Hill, managing director of Damart UK).
Neil Cooper plans to step back from day to day involvement in the business post-sale.
Operationally, Damartex plans to keep Coopers of Stordford as a stand-alone business and empower the management team to pursue their own commercial development, whilst exploiting other synergy opportunities arising from the combined organisation.
The integration of the company into Damartex consolidated accounts will be effective from July 1. Considering the financial strength of Damartex, the operation will have a relatively small impact on the level of debt but will have a positive impact on results from the first year.
During the transaction, the Damartex Group has been advised by Argyll Partners and the Coopers of Stordford shareholders by Cavendish Corporate Finance