News
Cavendish advises on the sale of the UK business of Olan Mills Inc.
22 November 2004Olan Mills Inc. is the worldwide leader in portrait photography. The company, based in Tennessee, USA, is pleased to announce the sale of its UK business, Olan Mills Limited. Olan Mills Limited offers child, family and makeover portrait photography from 73 studios across the UK. The Company was sold to a management buyout team led by Steve Gray, the Managing Director.
Piper Private Equity and Graphite Capital have backed the team and their plan that involves a rollout of the chain and further investment in digital technology to bring a cutting edge proposition to its customers. The business has sales in excess of £20 million and has grown steadily since 1981, when it was founded in the UK by Olan Mills Inc.
Bob McDowell, Managing Director of Olan Mills Inc commented, ''We are delighted to have been able to give our UK Management team the opportunity to buy the UK business. At the same time as realising excellent value for us, we have ensured that the brand and all that it represents are in good hands''. He went on, ''We are fortunate to have found such a quality firm as Cavendish to help us on this deal. Their professionalism and hard work were greatly appreciated. If I have the opportunity to recommend their services in the future I will gladly do so.''
Steve Gray, Managing Director of Olan Mills, said ''I am really excited about the growth prospects that we have in Olan Mills. We have invested heavily in the infrastructure of the business over the last two years and are now ready for a significant expansion of the chain.''
Christopher Curry and Peter Kemp-Welch led the investment for Piper Private Equity. Mark Hudson led the investment for Graphite Capital. [Paul Herman] led the transaction for Cavendish Corporate Finance.