News
Cavendish Corporate Finance advises on sale of Pulse Home Products
7 August 2007Cavendish Corporate Finance has advised Alba PLC on the sale of Pulse Home Products Limited and the business of certain other domestic appliance brands (together ''Pulse''), for a total consideration of £51.5 million, to Rutland Partners LLP - the UK private equity partnership. The transaction is conditional, inter alia, on the approval of Alba shareholders.
Pulse is one of the leading providers of branded goods to the UK home products market, with a portfolio of brands including: Breville, Nicky Clarke, JCB, Bush, Dirt Devil, Hinari and Power Devil. It designs and innovates the majority of its products, which are then manufactured by third party suppliers in the Far East. Pulse sells to a wide range of multiple and catalogue retailers in the UK. Arrangements have now been agreed between the parties to transition Pulse to a truly stand-alone business following its acquisition by Rutland.
The management of Pulse is led by David Allen, who has been with the business since 1993. A plan will be implemented to roll-out management best practice to improve the performance of certain brands which, historically, have not been under the control of the investing management. In parallel, additional resources will be made available to exploit the growth potential of the stronger brands and to implement the actions and controls necessary for the efficient operation of an independent business. On a pro forma stand-alone basis, Pulse is currently estimated to be generating annual sales of £118 million and EBITDA of approximately £9.4 million.
Cavendish contacts for further information:
[Jonathan Buxton], Director - Consumer Group
[Howard Leigh], Managing Director