M&A Deal Summary

Change Capital Partners and Quilvest Capital Partners Acquire Hillarys Blinds

On August 1, 2004, private equity firms Change Capital Partners and Quilvest Capital Partners acquired furniture company Hillarys Blinds from CBPE Capital for 115M GBP

Acquisition Highlights
  • This is Change Capital Partners’ 1st and Quilvest Capital Partners’ 2nd transaction in the Furniture sector.
  • This is Change Capital Partners’ 0th and Quilvest Capital Partners’ 10th largest (disclosed) transaction.
  • This is Change Capital Partners’ 2nd and Quilvest Capital Partners’ 3rd transaction in the United Kingdom.
Investment Fate
  • Hillarys Blinds was sold to a consortium of financial buyers in 2007 for 337M EUR.
  • Hillarys Blinds was sold to a publicly-traded strategic buyer in 2017 for 300M GBP.

M&A Deal Summary

Date 2004-08-01
Target Hillarys Blinds
Sector Furniture
Buyer(s) Change Capital Partners
Quilvest Capital Partners
Sellers(s) CBPE Capital
Deal Type Secondary Buyout
Deal Value 115M GBP

Target

Hillarys Blinds

Colwick, United Kingdom
Hillarys Blinds Ltd. is a provider of made-to-measure window blinds. Manufactures, sells, and delivers a full in-home measuring and fitting service. Hillarys Blinds was founded in 2001 and is based in Colwick, United Kingdom.

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Buyer(S) 2

Buyer

Change Capital Partners

London, United Kingdom

Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 400M EUR
Size Middle-Market
Type Sector Focused
DESCRIPTION

Change Capital Partners LLP (CCP) is a specialist private equity firm that invests in mid-market retail and consumer goods businesses throughout Europe. CCP seeks controlling positions and looks to invest €20 to €50 million in companies valued from €20 to €250 million. The Firm will consider a variety of transaction situations, including buyouts, corporate divestitures, turnarounds and take privates. Change Capital Partners LLP was formed in 2003 and is based in London.


DEAL STATS #
Overall 2 of 11
Sector (Furniture) 1 of 2
Type (Secondary Buyout) 1 of 3
Country (United Kingdom) 2 of 4
Year (2004) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-10 Robert Dyas Holdings

Leatherhead, Surrey, United Kingdom

Robert Dyas Holdings Ltd. is a retailer for convenience hardware/DIY/gardening, operating 99 stores in the South East of England.

Buy £61M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-03 Republic Retail

Leeds, United Kingdom

Republic Retail is a UK apparel retailer of young adult fashion with a differentiated multi-brand concept offering consumers a wide range of proprietary house brands and 3rd party brands.

Buy £105M
Buyer

Quilvest Capital Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1972
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Quilvest Capital Partners is the private equity investment arm of asset management firm Quilvest. Quilvest Capital Partners invests in private equity and debt funds as well as makes direct investments. The direct investment group looks for opportunities in the US, Europe, and 'opportunistically' in Asia with a preference for buyout, growth capital, and venture transactions. Quilvest Capital Partners will consider both minority and majority positions. Quilvest Capital Partners was established in 1972 and is based Paris.


DEAL STATS #
Overall 22 of 98
Sector (Furniture) 2 of 3
Type (Secondary Buyout) 3 of 16
Country (United Kingdom) 3 of 7
Year (2004) 8 of 9
Size (of disclosed) 10 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-28 Innate Pharma

Marseille, France

Innate Pharma is a biopharmaceutical company developing first-in-class immunotherapy drugs for cancer and inflammatory diseases. These novel drugs consist of monoclonal antibodies that can activate the innate immune system. Innate Pharma was founded in 1999 and is based in Marseille, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-01 Sovitec

Fleurus, Belgium

Sovitec manufactures glass microbeads, used for building materials. European leader in the production and sale of micro glass beads which are used as reflective component of road markings and in several high-end (industrial) applications. Sovitec was founded in 1954 and is based in Fleurus, Belgium.

Buy -

Seller(S) 1

SELLER

CBPE Capital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 1.3B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

CBPE Capital is a private equity firm that seeks investments in mid-sized UK-based businesses. CBPE focuses on transactions valued at between £25 million and £150 million and will consider opportunities in a variety of industries. Sectors of interest include support services (inspection testing, training/education, oil/gas services, business process outsourcing, IT, environmental services, utility services); transportation/distribution (transport infrastructure, transport services, wholesale and distribution); consumer (food/beverage, household products, media, retail); industrial (chemicals, building products, electronics/engineering, paper, packaging, aerospace/defense, automotive, capital goods); healthcare (pharmaceuticals, medical products, diagnostics); and leisure (restaurants, gaming, holiday parks, cinemas, hotels). CBPE was formed in 1984 and is based in London.


DEAL STATS #
Overall 3 of 39
Sector (Furniture) 1 of 3
Type (Secondary Buyout) 2 of 17
Country (United Kingdom) 3 of 38
Year (2004) 3 of 4
Size (of disclosed) 11 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-02 Capital Incentives & Motivation

Chester, United Kingdom

Capital Incentives, based in Chester, is a leader in the creation of tailormade incentive schemes for businesses; typically used to motivate staff using voucher schemes, incentive travel or other non-monetary rewards.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-05 Aroma & Fine Chemicals

Widnes, United Kingdom

Aroma and Fine Chemicals is a manufacturer of key aroma ingredients for household cleaning products. CBPE backed the management team led by Steven Pipe in a buyout from its former US parent, IFF Inc in December 2002.

Sell £21M