MAVEN Capital Partners has made a partial exit from home products supplier Homelux Nenplas by selling the Homelux division to US firm QEP Company.
Glasgow-based Maven, which manages about 50 later-stage private companies around the UK, acquired its stake when it backed a management buy-out in 2006. Following an acquisition the group increased turnover to almost £20 million.
The disposal of Homelux for an undisclosed sum was completed alongside a secondary buyout of Nenplas by Maven and the existing management team. The transaction involved a complex demerger resulting in the sale of the Homelux division while Maven retained a significant minority interest in the remaining business, Nenplas Holdings.
Nenplas is expected to grow significantly over the next few years both organically and through acquisitions supported by Maven.
Mike Collis, portfolio manager at Maven, said: “We are delighted to have achieved a profitable exit from Homelux for our investors.
“Although we are unable to disclose the deal size, we are very pleased with the returns generated by the exit and are looking forward to working with the remaining managers to replicate this success with the Nenplas business.”