Hill Dickinson has acted for Next Wave Partners and other shareholders on the £51m secondary buy-out of Fox International, Europe’s largest privately owned fishing tackle company.
Next Wave has completed the sale of a majority stake in Fox International to Mayfair Equity Partners whilst retaining a significant minority interest. The transaction, which values Fox at £50 million, gives Mayfair majority control of the business alongside Fox’s management team, led by its chief executive, David Algar.
Partner Craig Scott and legal director Richard McKay from Hill Dickinson’s corporate team advised Next Wave Partners and other selling shareholders on the successful exit which has seen the London based private equity investor achieve an internal rate of return of over 150% and a 3.1x money multiple on its original investment in just over a year. The team has also advised Next Wave Partners in respect of its co-investment alongside Mayfair as minority investor going forward.
Fox International, based in Hainault, Essex, sells over 3,000 products in more than 30 countries. It focuses on product leadership and innovation in the supply of fishing equipment for anglers globally. Fishing is one of the world’s biggest sports, with an estimated 350 million anglers worldwide spending £9 billion per annum.
Mayfair and Next Wave’s investment in Fox provides additional capital to help it accelerate growth in new and existing markets. The company’s core markets today are the UK, Germany, France and the Netherlands.
Commenting on the deal, Next Wave’s managing partner, Jonathan Brod, said: “We are delighted to continue our investment in one the world’s leading fishing tackle providers. Our ongoing investment will enable future acquisitions, continued investment into product R&D and geographic expansion, further enhancing Fox’s market leading position. Next Wave had many options to choose from but the Mayfair team stood out clearly as the best and most added value partners for this next chapter in Fox’s development.”
Hill Dickinson corporate partner, Craig Scott, also acted for Next Wave in July 2014 when it originally acquired Fox International.