David Phillips Furniture completes MBO with backing from FF&P Private Equity

Clearwater Advisor

Press Release

David Phillips is the leading furniture supplier to the professional residential property market. It covers every element of the market: an industry leading replenishment service supplies individual pieces of furniture and electrical appliances and its Furniture Package business specialises in the complete furnishing (including blinds, curtains and dress accessories) of individual properties as well as multiunit developments for developers, property agents, domestic landlords, tenants and local authorities. Its Interior Design business is a leader in the provision of Show units.

FF&P Private Equity invested £8 million to take a majority stake. The management team, which is reinvesting in the business as part of this transaction, see a number of key growth opportunities for the business, including the expansion of its reach into the private landlord sector, as well as developing its presence in the social housing and student sectors.

Clearwater International’s consumer team worked closely with management and the shareholders to highlight the key attributes of the business that would make it attractive to Private Equity investors. Having generated significant interest in the opportunity, Clearwater International negotiated the optimal deal in terms of achieving value for the exiting shareholders whilst providing the business with the most appropriate capital structure for achieving its next phase of growth.

“When we started on the process of raising external capital to enable us to achieve our next growth step, we decided that the key attributes that our corporate finance adviser must possess were a deep knowledge of the potential investor universe, an empathy with both growth companies and those that seek to invest in them and proven deal management skills. We believed that Clearwater International met this brief and, as our successful transaction completed in under six months demonstrates, our belief was correct. We would recommend their services to other companies with the same requirements”

Nicholas Gill, CEO, David Phillips