Primary Generate 2.7X Return on Sale of Thompson & Morgan to BVG Group

Primary Capital Partners is pleased to announce the sale of Thompson & Morgan Group Holdings (“T&M”) to BVG Group. The transaction value is undisclosed and generates a return of 2.9x the cost of investment for Primary’s second Fund.

Founded in 1855 and based in Ipswich, T&M is the leading horticultural brand in the UK, selling young plants, bulbs, nursery stock plants, flower and vegetable seeds, fruit, potatoes and garden accessories.  It sells through a variety of channels including catalogue, online, retail, readers offers & promotions and TV shopping.

Over the course of the investment the business has more than doubled in size through steady organic growth and some small acquisitions.  Bryan Magrath was brought in three years ago as CEO to lead the growth of the T&M core seed and plug plants range into complementary garden product areas and was subsequently joined by Mark Logan as CFO.

Peter Jacobs, who led the original deal for Primary and represented its interests throughout the period of the investment, commented; “T&M has prospered under the leadership of Bryan Magrath who has helped stimulate revenue opportunities in new product areas, building on T&M’s leading brand and strong customer database.  We are pleased that T&M has been sold to a strategic buyer in BVG Group and wish everyone involved with T&M all the best for the future.”

Bryan Magrath, CEO of T&M, added; “Primary have proven to be excellent partners for the T&M business over the past few years. They fully supported our plans and backed us in all our initiatives and objectives.”

About Thompson & Morgan

Since the first seed catalogue was published in 1855, Thompson & Morgan has grown to become one of the UK’s largest Mail Order Seed and Plant companies. Through the publication of our catalogues and the operation of our award-winning website, Thompson & Morgan is able to provide home gardeners with the very best quality products money can buy. In addition to our longstanding UK presence, the brand also operates throughout the world through its international website and offers its popular seed range through major garden centres across Europe.

 

Source: Primary Capital Press Release

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