The future fits as Garbutt+Elliott advises on growth partnership investment deal
An international construction fitting-out company, which has carried out projects in Yorkshire, is set for major growth after gaining investment in a multi-million pound deal advised by Yorkshire accountants and business advisers, Garbutt+ Elliott.
DDI Projects Ltd, Wimborne, Dorset, which, among others, fitted out David Lloyd Leisure in Harrogate and Leeds, and Mothercare, York; has gained the investment from mergers and acquisitions company, Seed Partners, London, in the transaction managed by the corporate finance team at Garbutt + Elliott.
Seed Partners, founded by chief executive, Selina Bolton, in 2017, attracts investment and creates opportunities to help proven small to medium-sized enterprises (SMEs) achieve their potential.
Seed Partners has acquired a 50 per cent holding in DDI Projects and Selina Bolton will work closely on developing the company and providing sales and marketing support to help it target new business sectors.
DDI Projects was founded in 2012 by contracts director, Dean Thornton and commercial director, David Ward, who will continue to manage the business.
The company has an £18.5m turnover and 20 staff fitting out premises, including retail, commercial, leisure and food and drink businesses, throughout the UK and Europe. Clients also include H&M, Aldi, Superdrug, Oasis, and the British Lawn Tennis Association.
Seed Partners chief executive, Selina Bolton, says: “DDI Projects is robust and profitable with consistent growth and an enviable client list. Client retention is more than 99 per cent and the directors have decades of industry experience and an appetite to expand. Seed Partners is pleased to have become the company’s growth partner.
“I canvased my network for a corporate finance advisor to represent my interests in this transaction and Garbutt + Elliott was recommended. Corporate finance partner, Tony Farmer and corporate finance director, Nick Barker have been responsive and helpful; always accessible and provided solid, considered advice on more complex aspects of the deal structure.
“Nick has an exceptional capacity for detail which impressed me, DDI Projects’ directors and my funders and he will continue to represent Seed Partners on financial matters.”
The Garbutt + Elliott team, led by Nick Barker, included business tax consultant, Karen Sadler and corporate finance executive, Richard Weston. Services included financial forecasting to assist with financing the acquisition; financial and tax due diligence, tax advice on the group structure, business valuation services and deal advisory services to assist with structuring the transaction.
Nick Barker says: “This transaction was complex but we are very pleased that it has resulted in an excellent outcome for both parties. With the experience and reputation of the combined management team we look forward to seeing DDI moving from strength to strength.”
David Ward said: “Selina’s experience and knowledge of performance strategy brings a great strength to our business. I am delighted she is joining the board and driving the company forward. Her commercial input will be hugely significant as we plan the next phase of our growth.”
Garbutt + Elliott’s 10-strong corporate finance team, which operates from its the Leeds and York offices, has managed more than 200 deals throughout the UK across a wide range of commercial sectors.