Freeth Cartwright and Orbis Partners link up for Elite Creations acquisition
FREETH CARTWRIGHT AND ORBIS PARTNERS LINK UP FOR ELITE CREATIONS ACQUISITION
Less than a month after spearheading the successful multimillion pound management buyout of international fashion accessory supplier Elite Creations, Midlands law firm Freeth Cartwright has once again teamed up with Birmingham-based corporate finance advisers Orbis Partners to facilitate Elite’s first corporate deal of 2010.
The two firms have advised London and Hong Kong-based Elite on the acquisition of Phase Two Accessories in Fulham, a company with a £5m annual turnover which supplies handbags to UK mid-market retailers. The financial consideration is undisclosed.
Nitesh Sakhrani, chief executive of Elite Creations, said: “Phase Two is a great addition to our portfolio and, in the current tough retail environment, it makes Elite a much more solid supplier brand.
“Today, we are one of the largest accessory suppliers in the country and we are particularly grateful to both Freeth Cartwright and Orbis Partners for their outstanding professional guidance in what has been a particularly dynamic few months for us all.”
Elite Creations has an annual turnover of around £20m and supplies over 30 UK retail groups, as well as exporting to customers in Spain, Germany, Scandinavia and the Middle East. The company’s accessory ranges include bags, belts, jewellery, eyewear, hats, gloves, scarves and footwear.
Lee Clifford, corporate finance partner at Freeth Cartwright’s Birmingham office, said: “Elite has acquired a well established business, renowned for providing high quality products through its in-house design team. Phase Two should not only be a sound strategic fit for Elite, it should also be a profitable one.”
Gary Ecob, partner at Orbis Partners, said: “We are delighted to have supported Nitesh and his team in what I hope will be the first of many acquisitions. It is good to see an international company performing extremely well in such challenging economic conditions, and very rewarding for the Midlands-based advisory community to be selected to work with such forward-thinking international businesses.”
Elite Creations is one of a number of corporate finance deals carried out in recent months by Freeth Cartwright’s Birmingham office. Further activity includes advising the Nottingham office of Lloyds Development Capital on the completion of the £17m MBO of Yorkshire-based bird food manufacturer and distributor Cranswick Pet Products and marine and aquatic products supplier Tropical Marine Centre.
Lee Clifford and Freeth Cartwright banking partner Phil Baigent have also advised the Birmingham office of Maven Capital Partners on its £10m cash injection into West Midlands-based Lawrence Recycling and Waste Management.
ends - 16 March 2010