Prima stitch up deal with Alexandra plc
July 2005
The management team at workwear and uniform suppliers Prima Corporate Wear have sold the company they bought five years ago.Along with Barclay Ventures (a leading UK mid- market private equity house which supported the MBO in 1999), they have agreed a cash deal with Bristol-based listed company Alexandra plc, one of the country’s largest groups supplying corporate clothing.
Nick Atkinson, Managing Director of Prima Corporate Wear, comments: "The completion of our MBO and subsequent Sharps Freeman acquisition presented many challenges. This exit is an excellent result for all shareholders."
Paul Taberner of Barclays Ventures adds: “The Prima management team has done an excellent job in driving out the benefits of the Sharps Freeman acquisition and consolidating its market leading position in the transport and security sectors.”
Livingstone carried out a discreet competitive sales process that resulted in four offers for the business. Nigel Morgan, the Livingstone Director who led the negotiations, says: “Management had created a business model that was attractive to potential buyers, backed up by a healthy level of profitability. We received four firm proposals for the business but deemed Alexandra plc the most deliverable purchaser under our timetable.”
The acquisition by Alexandra will further strengthen Prima’s position as a leading supplier of corporate wear, with a strong market position in the transport and security sectors. Prima provides corporate wear to a range of UK companies, including the Go Ahead Group, Morrisons, Rayners, Securitas Cash in Transit, OCS Facilities Management, Amey and GSL.
Nigel Morgan adds: “It has taken us less than six months to conclude a transaction that has provided Barclay Ventures with the exit they required and a significant return for the management team who were shareholders in the company.
“Prima is a fine example of a company in the service industry that has proved an attractive acquisition proposition for a larger organisation. It is typical of the scenario we expect to be repeating itself in the coming months as there are many successful owner managed businesses across the country, similar to Prima, that would make serious acquisition possibilities for larger groups embarking upon expansion programmes.”
Nigel Morgan, director
Tel: 020 7484 4733
Email: nmorgan@livingstonepartners.co.uk
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Left to Right: Nick Atkinson - Managing Director, Mike Williams - Chairman, Phil Booth - Finance Director, Paul Taberner - Barclays Ventures, Rob Huson - Operations Director, Nigel Morgan - LG