Private equity firm Kester Capital has backed the management buyout of YouGarden, a horticultural products retailer.
YouGarden sells its own branded products directly to customers and also acts as a gardening category manager for several large retailers including Amazon, Ideal World TV Shopping, Groupon and Shop Direct.
The business was founded in 2012 by entrepreneur Peter McDermott, when Kester Capital provided seed capital, and in the last 12 months it has achieved revenues of more than £17 million. It is headquartered in Lincolnshire.
Cameron Crockett, Managing Partner of Kester Capital, said: “YouGarden is a well diversified and highly scalable business delivering significant growth year on year. Led by a best-in-class management team with a unique skillset of deep horticultural knowledge, live plant supply chain management and strong marketing and customer service skills, the business has succeeded through its focus on delivering the very best to its customers.”
Peter McDermott, Founder and Managing Director of YouGarden, added: “Our partnership with Kester Capital gives us the extra firepower and support to accelerate the company’s expansion plans. The team at Kester really understands our business and have a long track record of supporting growth in UK businesses.”
This is the second deal for Kester Capital in three months, following the management buyout in August of ComplianceOnline, which provides regulatory intelligence to the payment and gambling sectors.