Private equity firm Maven has exited its investment in promotional merchandise business SPS for a 3x return on funds invested in 2014.
SPS is the UK’s largest provider of promotional merchandise and supplies over 2,000 independent distributors in the UK and Europe.
The business employs over 300 staff and operates from a site in Blackpool where it has manufacturing, branding and storage facilities. It has two additional sites in Oxfordshire and Derbyshire.
Maven led the management buyout of SPS from 4imprint Group plc in February 2014 to support its strategy of growing the business organically and by acquisition. Since then the business has made two bolt-on acquisitions, High Profile and TEC, which have strengthened its position as a lead manufacturer in the UK and European markets.
SPS has been acquired by PF Concept International, which is part of the Polyconcept Group, a US business.
The transaction follows Maven’s exit from Crawford Scientific for 4.7x return in October 2017.
Ryan Bevington, Investment Director at Maven, said: “We were very impressed with the management team’s vision for the SPS business from the outset. They have executed their strategy successfully, delivering robust growth by investing in the manufacturing and IT capabilities of the business and integrated the acquisitions seamlessly.”
Philip Morgan, CEO of SPS, added: “Maven believed in our vision for the business and has been a hugely supportive financial partner and adviser. SPS is in the position where it will now benefit from being part of a larger group and it is thanks to the foundations that Maven helped the management team of SPS to put into place that we are were able to attract the interest of such a successful global business.”