Prima stitch up deal with Alexandra plc

  • abr. 2007

The management team at workwear and uniform suppliers Prima
Corporate Wear have sold the company they bought five years
ago.

Along with Barclay Ventures (a leading UK mid- market private
equity house which supported the MBO in 1999), they have agreed a
cash deal with Bristol-based listed company Alexandra plc, one of
the country’s largest groups supplying corporate
clothing.

Nick Atkinson, Managing Director of Prima Corporate Wear, comments:
“The completion of our MBO and subsequent Sharps Freeman
acquisition presented many challenges. This exit is an excellent
result for all shareholders”.

Paul Taberner of Barclays Ventures adds: “The Prima
management team has done an excellent job in driving out the
benefits of the Sharps Freeman acquisition and consolidating its
market leading position in the transport and security
sectors”.

Livingstone carried out a discreet competitive sales process that
resulted in four offers for the business. Nigel Morgan, the
Livingstone Director who led the negotiations, says:
“Management had created a business model that was attractive
to potential buyers, backed up by a healthy level of profitability.
We received four firm proposals for the business but deemed
Alexandra plc the most deliverable purchaser under our
timetable”.

The acquisition by Alexandra will further strengthen Prima’s
position as a leading supplier of corporate wear, with a strong
market position in the transport and security sectors. Prima
provides corporate wear to a range of UK companies, including the
Go Ahead Group, Morrisons, Rayners, Securitas Cash in Transit, OCS
Facilities Management, Amey and GSL.

Nigel Morgan adds: “It has taken us less than six months to
conclude a transaction that has provided Barclay Ventures with the
exit they required and a significant return for the management team
who were shareholders in the company”.

“Prima is a fine example of a company in the service industry
that has proved an attractive acquisition proposition for a larger
organisation. It is typical of the scenario we expect to be
repeating itself in the coming months as there are many successful
owner managed businesses across the country, similar to Prima, that
would make serious acquisition possibilities for larger groups
embarking upon expansion programmes”.


Nigel Morgan, director

Tel: 020 7484 4733
Email: nmorgan@livingstonepartners.co.uk


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