Specialist manufacturer acquired in £62m MBO

A Surrey-based manufacturer and distributor of self-adhesive sign vinyl and print media has completed a £62m management buyout (MBO) backed by a private equity firm.

London-based Primary has purchased Metamark, which was established in 1992 and operates from a manufacturing facility in Lancaster and a sales and distribution base in Woking, from founder shareholders Mark Bateson and Mike Stuart.

The management team is led by chief executive Paul French and sales director Ian Simister. French and Simister have led the business for the last five years and in that time have presided over a doubling in revenues and profits. In the year ended 31 March 2017, Metamark had revenues of approximately £29m, with one third coming from export sales to 40 countries.

Matthew Enright joins Metamark as its chief finance officer.

French said: "We have some very exciting plans for Metamark. They will ensure that our growth continues on the upward trajectory we've established both in the UK and internationally.

"We have a planned programme of further investment in capital plant to strengthen our manufacturing and conversion and we'll be investing in people so we can strengthen our team and reinforce our international stature. We're taking our model to new markets too.

"Our technical leadership and service led ethics mean we can achieve scale in markets such as construction while growing opportunities in our established channels with new, product-led applications. In Primary we have an investment partner who shares our ambition and values."

The deal was led by Iain Wolstenholme, Alistair Armstrong, and Chris Hopwood at Primary. Metamark is Primary's fifth investment from the Primary IV Fund.

Santander and Yorkshire Bank provided senior debt finance for the deal and working capital facilities to help fund future growth. A KPMG Corporate Finance team, led by Alex Hartley, advised Primary on its investment.

The vendors were advised by CLB Coopers. 

Photo: Ian Simister (left) and Paul French (right)

Article by Insider Media