Published: October 31 2013
The management team at Otter House Group, consisting of giftware distributor Otter House, calendar retailer Calendar Club and calendar publisher Carousel Calendars, has completed a management buy out. The MBO enables founding directors Gary Beck and Hendrik Vollers to exit the Group following over 20 years successfully developing the business to its current turnover of £45 million.
The transaction was overseen for the buy out team by experienced MBO advisors Michelmores Solicitors, with the vendors advised by Equity Matters. The new management team, led by Group Managing Director David Pike, consists of Group Finance and Commercial Director Anthony Jervoise, Calendar Club MD Sharon Colclough, Calendar Club Property Director Bill Nettelfield, Otter House MD Kirsty Guy, Carousel Calendars MD Steve Plackett and Chairman Ashley Levinson.
On behalf of new team, Group MD David Pike, expressed his confidence in the future of the business, ‘I am very pleased to have completed this transaction. The founding shareholders have done a fantastic job building three strong businesses, based here in the South West, each with a significant national reach. I am very proud to be involved with the Group and look forward to building an even brighter future together with my management colleagues and our fantastic 150 staff members.’
Michelmores Team Leader Richard Cobb commented, "It was a privilege to help David, Anthony and the team move the business on to the next stage by completing this complex transaction.”
The completion of the buy out, coupled with the previously successful move in 2011 to a 150,000 ft2 distribution centre in Exeter, Devon, puts the business in a strong position to continue their steady, sustainable growth going forward.