Bowmark Capital Limited, a mid-market private equity investment firm, has bought Design Objectives, a UK supplier of products to the paper crafts market, for an undisclosed sum.
The deal, which Bowmark has syndicated to Graphite Enterprise Trust, the quoted arm of rival buyout firm Graphite, and Investec Growth & Acquisition Finance, the South African merchant bank, is thought to be close to Bowmark’s £50 million deal cap.
Charles Ind, a managing director at Bowmark, said: “Paper crafting is an increasingly popular leisure pursuit in the UK. The market is all about design and making sure you have the latest trends. We will be investing in that and in expanding the range of retailers we supply.”
Founded in 1995 by an group of craft business entrepreneurs, Design Objectives designs and markets a range of paper crafts brands and accessories. The company supplies over 2,000 products to both independent and national retailers, such as Argos, QVC and WH Smiths.
It also publishes the industry’s leading magazine and associated website, which are marketed under the company’s Do-Crafts brand.
Royal Bank of Scotland’s corporate and structured finance south team provided senior debt.
The vendors, whose identities were not revealed, were advised by Clearwater Corporate Finance and EGL Holdings, a US corporate finance boutique.