Seneca’s recently launched Private Equity division has completed its maiden transaction, taking a seven-figure minority stake in Lancashire based textiles business, Whyte & Ivory Limited.
Whyte & Ivory is a global wholesaler of curtain linings and blackout fabrics for use in both domestic and commercial markets. Founded in 2008, the business has since established itself as an important link in a supply chain that typically starts in Asia, adding value through importing, stockholding, innovation, quality and local market service.
The business is led by husband and wife team, Peter Hamilton and Anne Collins, who following successful corporate careers, identified a space in the European and US markets for an independent importer and distributor of textile commodities.
Operating from headquarters in Nelson and a subsidiary in North Carolina, Whyte & Ivory supplies a broad range of customers from major retail through to branded distribution partners.
Testament to the global presence of the business, Whyte & Ivory were recently awarded a 2019 Queen’s Award for Enterprise in the International Trade category, reflecting 3 years continuous outstanding export growth.
“Seneca’s industry knowledge and understanding of the dynamics of a family run business makes us sure we’ve found the right partner. They bought into our vision and ambition for the business, right from our first meeting” said Peter Hamilton, Managing Director
The investment enabled the shareholders to realise some of the value they had built up in the business and will see Seneca provide ongoing board level support to help deliver the Company’s ambitious business plans in Europe and the USA.
The transaction was led by Andrew Stubbs and Paul Leyland from Seneca’s Haydock head office.
“Peter and Anne’s commitment and passion for the business is exactly the dynamic we look for in the management teams we partner with. We’re looking forward to joining them in the next stage of the journey” said Andrew Stubbs.
“When we launched in late 2018, we had a clear idea of delivering private equity investment into smaller businesses in the North. This transaction is a great example of what our funds can be used for” added Paul Leyland.
Seneca Private Equity invests upwards of £0.5 million in established SMEs which can be used to support; Management Buy-Outs / Buy-Ins (MBO/MBI), Retirement Sales, Partial Exits, Corporate Acquisitions and Growth Capital.
Seneca Partners was advised by Hill Dickinson and by Kilsby Williams. Whyte & Ivory was advised by Grant Thornton and Shoosmiths.