Smythson / Greenwill SA
Cavendish Corporate Finance LLP is pleased to announce the sale of Smythson, the luxury leather goods and bespoke stationery retailer, to Greenwill S.A (”Greenwill”). The financial terms of the deal have not been disclosed.
Smythson, which was founded in 1887 by Frank Smythson, is recognised as one of the world’s premier luxury brands. The company sells a range of stationery, leather goods, diaries and fashion accessories and has a following throughout the world with a customer list which includes several Royal families, heads of state, members of the aristocracy, ”A” list film stars and a long list of other celebrities.
Cavendish has enjoyed a long relationship with Smythson, having earlier advised on its sale to Kelso Place Asset Management and Venrex Investment Management in 2005. Since that time, Smythson has made significant progress, increasing turnover by 59%, expanding retail stores to 15, growing the e-commerce business by 106% and further strengthening the infrastructure. Smythson is on track to achieve sales of £18 million for the financial year to March 2010.
Greenwill is the holding company for Tivoli Group SpA, which is one of the leading luxury leather goods manufacturers in Italy. The company was established in 1973 and supplies leather accessories for numerous global luxury brands. Tivoli Group intends to invest in Smythson as it enters the next stage of its development and will provide the financial support and stability necessary to continue to develop the brand and the business in the long term.
The Smythson management team will remain with the Company post the acquisition.
Cavendish managed a full sale exercise including buyers from around the world, making full use of its international network, and adhering to the client’s specific requirements in terms of potential purchaser and deal structure.
Jonathan Buxton, Cavendish partner who led the deal, commented:
”We are delighted to announce the successful sale of Smythson. We were able to identify a buyer that not only met our client’s pricing requirements, but also provides an excellent platform for the development of the business in the future. This sale is the second time we have sold the business and highlights Cavendish’s expertise in the luxury and consumer goods sector.”
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