Gresham exits Just Trays in management buyout

Gresham will exit one of its five remaining investments through a management buyout by Maven Capital.    

UK-based Maven Capital Partners announced that it has completed a multi-million pound investment in Just Trays, which it purchased through a management buyout transaction from Gresham Private Equity.

JT, a manufacturer which sells direct to construction and housing firms, was established in 1988 and currently accounts for 28 percent of the market, though it struggled during the recession.

Maven’s investment, which backs the incumbent management, will help JT implement a new sales strategy that will emphasize export markets and new product development.

Gresham took a 69 percent stake in the company in the company, and has since been working to complete realizations on its remaining portfolio companies after it recently told investors that it would not raise another fund.

The firm’s fourth fund, valued at €340 million, was raised in 2006.  However, the firm has struggled with fundraising since.  Gresham recently sold Hotter Shoes which yielded a 3.7X return and broke even on the April sale of Esterform Packaging, as PEI reported at the time.  Four companies remain in Gresham’s portfolio, the management team plans to pursue full exits on all four instead of pursuing sales on the secondary markets.

JT was advised by Peter Wood and Louise Blair at Pinsent Masons in Leeds.