The management buyout of a specialist property services company has been advised in Birmingham.
FF&P Private Equity, the private equity business of Fleming Family & Partners, has backed the management buyout of David Phillips, while the Birmingham office of Clearwater Corporate Finance advised shareholders on the deal.
David Phillips provides furniture to the UK’s professional residential property market and has sites in London, Manchester and Edinburgh. Turnover at the business, which is headquartered in London, is forecast to exceed £20million this year, up 30 per cnet on last year.
David Phillips has recently furnished more than 130 luxury apartments for London & Stamford and Knight Frank as part of the redevelopment of Highbury, the former stadium of Arsenal FC. Future growth is expected based on the UK’s buoyant rental sector.
FF&P has invested £8 million alongside the existing management team and will take a majority stake in the business.
Gareth Iley, partner in Clearwater’s Birmingham office, said: “David Philips has enjoyed impressive growth under the current management team and has become the UK’s leading provider of furniture to the UK professional property sector.
“With its ability to support landlords across the whole spectrum from the domestic landlord to the public sector, David Phillips is well-placed to enjoy further growth in its highly-fragmented market. This deal provides the capital structure to enable the company to capitalise on the many opportunities it has identified.”
FF&P was advised on the transaction by Speechly Bircham and BDO. As well as Clearwater, David Phillips wasadvised by Pinsent Masons and management by Richards Kibbe & Orbe.