FF&P Private Equity, the private equity business of Fleming Family & Partners, has backed the management buyout of David Phillips, in a deal arranged by Clearwater Corporate Finance.
David Phillips provides furniture to the UK’s professional residential property market and has sites in London, Manchester and Edinburgh. Turnover at the business, which is headquartered in London, is forecast to exceed £20million this year, up 30% on last year.
FF&P has invested £8million alongside the existing management team and will take a majority stake in the business.
Clearwater advised the shareholders on the transaction.
Gareth Iley, Consumer team Partner at Clearwater, said: “David Phillips has enjoyed impressive growth under the current management team and has become the UK’s leading provider of furniture to the UK professional property sector.
“With its ability to support landlords across the whole spectrum from the domestic landlord to the public sector, David Phillips is well-placed to enjoy further growth in its highly-fragmented market. This deal provides the capital structure to enable the company to capitalise on the many opportunities it has identified.”