Private equity firm Rockpool has acquired a majority stake in Primrose, an online garden products retailer.
Primrose was founded in 2003 and sells over 10,000 garden and outdoor leisure products including water features, awnings, pest control products and planters.
The business primarily sources its products from suppliers in the Far East and sells direct to consumers via its UK and European websites.
Primrose had revenues of £38 million and EBITDA of £2.5 million in the year to October 2017.
Mark Pearson, previously chief executive of Gardman Group and Solus Garden & Leisure, has been appointed as Primrose’s new CEO.
Mark Pearson, CEO of Primrose, said: “This transaction marks an exciting opportunity to capitalise on Primrose’s existing position as the UK’s market leader in the online-only garden products sector, offering an unmatched product range and great prices. Rockpool recognised Primrose’s strengths as a high-quality online retailer from the outset. The business has great potential to complement its existing product offering with improved category range, combined with significant investment in the Primrose customer experience and e-commerce systems.”
Darran Green, Investment Director at Rockpool, added: “We are delighted to welcome Primrose into the Rockpool portfolio, adding to our existing UK investments in consumer products and outdoor retail. We believe the company is well-positioned to capture demographic trends favouring mature, home-owning consumers who are increasingly drawn to the competitive prices and product ranges available online.”