PRIMROSE acquired by ROCKPOOL INVESTMENTS
Context
Rockpool Investments acquired a majority stake in Primrose in a management buyout from its previous backer, BGF (Business Growth Fund). The transaction was supported by senior loans and a revolving credit facility provided by OakNorth Bank. The strategic rationale centered on professionalizing the leadership team and investing in e-commerce systems and customer experience to capitalize on the demographic trend of "mature, home-owning consumers" increasingly shopping for garden leisure products online.
PRIMROSE, which reported an EBITDA margin of LOGIN in 2017, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.8x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Primrose is Europe's largest online-only garden products retailer. It offers a specialized range of over 10,000 products, including water features, awnings, sail shades, and planters. The company operates a lean, digital-first business model, sourcing products from the Far East and selling directly to consumers via dedicated UK and European websites. At the time of the deal, its sales were geographically diversified: 50% UK, 25% Europe, and 25% through third-party intermediaries.
Ent. Value
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Equity Value
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Multiples
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (GBP)
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REFERENCES
Revenue range: 25M - 50M GBP
EBITDA range: 0M - 5M GBP
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Acquirer: rockpool investments