Mon, 18 Apr 2011 | BUSINESS SALE
Private equity company CVC Capital Partners has put its gardening brand Hozelock on the market for the third time in four years.
The company chairman Simon Laffin is in discussion with several banks, one of which will lead the sale process. Rothschild is said to be favoured for the task. The sale of the business, which is expected to generate £200 million, is to be completed by the end of this year.
Hozelock was placed on the market with a £100 million price tag in June 2007, but the sale was halted. Then in August 2008 it was put back on the market but a sale did not take place.
Established in 1959, the company’s first retail product was the pioneering plastic hose connector, called the Hoze-Lock. Today Hozelock sells several gardening products including watering, spraying and pond maintenance equipment through garden centres and DIY retailers.
It is understood that Black & Decker and Bosch are among the potential trade buyers.
The most recently reported accounts for Hozelock’s parent company Rasindeck reveal revenues of £93.9 million for the year to October 2010, a significant increase from the previous year’s figure of £80.6 million.
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