Star Brands, the Leeds-based laundry and cleaning product manufacturer, has secured investment from Mobeus to support its Buy-in Management Buyout (BIMBO).
Capitalising on the cleaning zeitgeist embodied by Instagram phenomena like Mrs Hinch and driven by a focus on channel development and specific liquid detergents, Star Brands is projecting a 60% growth in turnover over the two years to August 2019.
The majority of the BIMBO team has already worked together, trebling turnover at PE-backed convenience food manufacturer Symingtons between 2007 and 2012.
The team is led by current MD, Tim North, and Henrik Pade, the Marketing and M&A expert, who will become joint MDs as part of the deal.
The team also includes existing management members Paul Kirby (Operations Director), Steve Whattam (Purchasing Director), Chris Dawson (Head of Sales) and Gosia Bilska Pietrasiak (Head of Technical).
Gavin Thomas (FD) will also join the team as part of the transaction and proven operator Nick Ward was introduced by Mobeus as Chairman.
The BIMBO is principally financed by Mobeus, with a layered debt and equity package.
Ashley Broomberg, Partner at Mobeus, led the deal, supported by Dominic Draysey