ASHBURTON, England, March 15, 2013 /PRNewswire/ --
Gro Group, the Devon-based global nursery brand, has been acquired by its management team for an undisclosed sum.
Originally founded in 2000 Gro Group is responsible for the original and now internationally renowned Grobag, the number one baby sleep bag brand. As market leader within the sleep category, the business has grown rapidly in the UK and internationally under leadership of Managing Director Christian Jones, with turnover now at some £12M.
The management team was advised by Devon based Corporate Finance boutique Isca Ventures, with legal support provided by Michelmores. Mobeus Equity Partners provided a combined debt and equity funding package to both finance the transaction as well as providing additional growth capital. HSBC has provided working capital funding for the business.
The management buy-out facilitated an exit for the original founders of the business, Rob and Ouvrielle Holmes, with the vendors being advised by Momentum Corporate Finance and Ashfords.
The management team is led by Christian Jones; incoming Chairman Jules Hydleman and Mobeus Partner Bob Henry will also join Gro Group's Finance Director Dave Gough on the Board.
"The management buy-out will enable us to achieve our vision of The Gro Company becoming the number one global provider of safe sleep solutions. We are keen to build on the foundation laid by the management team over recent years and are excited about our future growth plans, both in the UK and on a worldwide platform," said Christian Jones, Managing Director of Gro Group.
Bob Henry, Partner of Mobeus commented "We are very pleased to be able to support another South West based business with a flexible funding solution which provides a solid platform for the business to continue to grow. We have every confidence the management team will maximise the full potential of this unique and global brand."
"We were delighted to act as lead advisor and put this transaction together. It is pleasing to see good quality businesses and management teams continuing to attract the funding they require to realise their aspirations," added Mark Champion, Partner at Isca Ventures.
Rob and Ouvrielle Holmes added "The management team have done a fantastic job in continuing to build the business into a leading provider of sleep products for babies and young children. We would like to wish the business and management team every success for the future."
SOURCE The Gro Company