Epiris today announces that Epiris Fund II, advised by Epiris LLP, has agreed to acquire Sharps, the UK’s leading supplier of fitted bedroom furniture. On completion, which is subject to regulatory consent and expected to take place by the end of September, this will be Fund II’s eighth investment. Financial terms are not being disclosed.
Sharps sells direct to consumers with a programme of online, TV and print advertising and a small network of showrooms. Its products, designed to optimise the use of space in each customer’s home, are manufactured in a purpose-built facility in Bilston in the West Midlands and fitted by a nationwide base of installers. This year the business, led by Chief Executive Kevin Smith, expects to install its furniture in over 25,000 homes across the UK.
Bill Priestley, Chief Investment Partner at Epiris, said:
“Sharps is the leader in a market which offers strong long-term growth prospects beyond the boom it is currently enjoying. We are all delighted to be partnering with Kevin and his team to build on the company’s clear and proven strengths in selling bespoke products direct to consumers.”
Alex Fortescue, Managing Partner at Epiris, said:
“Fund II’s eighth investment marks an opportunity to transform an already successful business by exploring new marketing, product and operational initiatives. That is exactly the kind of opportunity Epiris looks for.”
Kevin Smith, Chief Executive of Sharps, said:
“Epiris has a great track record in evolving and building businesses and all of us at Sharps are looking forward to working with Ian, Bill and the rest of their team to do just that.”
The Epiris team on the deal is Ian Wood, Bill Priestley, Alex Wilby and Pablo Espinoza. Epiris is advised by MDW Capital, Macfarlanes and PwC.
For Epiris LLP please contact:
Robert White, Matthew Goodman, Daniel Oliver
+44 (0)20 7952 2000
Epiris is a top-decile* private equity firm which invests in opportunities to transform businesses in partnership with exceptional management teams. It targets control positions in UK-headquartered businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity.
Between 2011 and 2016 Epiris invested £1 billion in buyouts and loan-to-own debt investments in respect of which it has delivered a gross IRR of 38%*. Synthetic net returns from this portfolio are in the top-decile of European private equity funds of comparable vintages.
Epiris Fund II is an institutional private equity fund raised in 2017. Investments made by Fund II include Portals, one of the world’s leading manufacturers of “substrate” for banknotes; TI Media, one of the largest consumer magazine publishers in the UK; The Club Company, the UK’s largest country club operator; Bonhams, the global auction house; Diamorph, a supplier of advanced material solutions for demanding and safety-critical applications; IFG Group, a financial services holding company whose subsidiaries are James Hay, which provides pensions administration and investment platform services, and Saunderson House, an independent wealth manager and financial adviser; and The Big Table, which operates more than 150 restaurants under the Las Iguanas, Bella Italia and Café Rouge brands. In April 2020, the Fund sold TI Media to Future Plc for £140 million, generating a return of 2.1x MOIC, a 44% IRR.
For further information, please visit www.epiris.co.uk.
Issued by Epiris which is authorised and regulated by the Financial Conduct Authority.
*As at 31 March 2021. Gross IRR does not reflect adjustments for investment management and administration costs. Comparator data supplied by Preqin. Past performance is no guarantee of future results.