ISIS Equity Partners has completed the management buyout of Portsmouth, UK-based spa bath maker Spaform. Financial details of the transaction were undisclosed.
Spaform is one of Europe’s leading makers of portable, commercial and domestic spa baths, and supplies around 25 percent of the UK market for portable spa baths. Portable spas can be fitted manually to existing standard bathtubs.
The company, whose products are sold via a network of independent dealers, posted turnover of more than £11 million in 2003 and has around 120 employees. The Birmingham office of Venture Finance provided working capital facilities to support the transaction.
Spa baths have become fashionable in recent years as well as being associated with health benefits. “Growth in the portable spa bath market has been very impressive in recent years and our products are benefiting from the continuing trend for increased expenditure for personal well-being and recreation,” said Jim Telford, managing director of Spaform.
“Spaform and its management team have an excellent position in the market place,” added Adam Attwood, director of new investments at ISIS. “We believe that with further focus on brand and channel development the business can develop into a premium consumer branded products business.”
Advisers to the deal included Gateley Wareing, DLA and Hammonds (legal), Baker Tilly (financial due diligence), Burlington (commercial due diligence), WCI (operational due diligence), and Friend LLP (financial and tax advice).
ISIS typically invests £2 million to £30 million equity in companies with over £1 million profits in the business/financial services; consumer markets; healthcare/education; media; and IT sectors.