British private equity firm YFM Equity Partners bought a majority stake in clothing maker Gill Marine.
Insider Media Ltd. reported that details of the deal weren’t disclosed, but that YFM looks to invest as much as 10 million pounds, or more than $16 million, in fast-growing U.K. companies.
Gill, which makes technical sailing clothing and accessories, generated sales of 11.2 million pounds, or about $18.1 million, in the year that ended Sept. 30 — the latest accounts available on Companies House — and a pretax profit of 1.4 million pounds, or $2.27 million. It now exports to more than 35 countries and last year won the Queen's Award for Enterprise for International Trade.
As part of the deal, Steve Richards will be joining Gill as non-executive chairman. He is chairman at QualitySolicitors and Waterbabies and was previously chief executive of Interflora and managing director of Manchester United Merchandising.
The management team includes managing director John Deverill, who has been with Gill for 16 years, sales director Bryan Stewart and product director Matt Clark.
Nick Gill will be a non-executive director in the company after the transaction with YFM.