Addleshaw Goddard has advised management on the £244 million sale of Maplin Electronics by majority stakeholder Graphite Capital to Montagu Private Equity. The team was led by Corporate Finance Partner Yunus Seedat.
Corporate Associate Anthony Evans and Banking Associate Patrick Sturman also advised Maplin management.
Maplin Electronics is the UK's fastest growing retailer of electronics and computer components, equipment and accessories. Following Montagu's acquisition of Graphite's 67 per cent share of the business, Maplin's eight directors are reinvesting a significant proportion of their proceeds from the transaction into the new structure.
Yorkshire-based Maplin operates a fast-growing chain of high-street and out-of-town retail stores, a mail order catalogue and expanding internet business. Its product range comprises and extensive number of electronic components and accessories, in the broad categories of sound and vision, computer products and hobbies and electronics. It currently has 89 stores across the UK, employs more than 1,500 staff and has plans to open a further nine stores in 2004.
Maplin was acquired by private equity firm Saltire in 1994, before being sold to Graphite. It has increased profits by around 105 per cent a year, from £1.4 million in 1999, to £12.1 million in 2002. During 2003, it recorded turnover of nearly £100 million, with profits reaching £17.8 million.
Earlier this year Yunus Seedat also advised management on the £50 million buy-out of Roseby's from Homestyle Group plc, backed by Lloyds TSB Development Capital Limited.