Fri, 15 Mar 2013 | MBO/MBI
Gro Group, the firm behind the popular baby sleep bag brand, has been purchased by its own management team.
The management team is headed by Christian Jones, with incoming chairman Jules Hydleman and Mobeus partner Bob Henry joining Gro’s finance director Dave Gough on the board. The team was advised on the deal by Isca Ventures. Mobeus Equity Partners gave a combined debt and equity funding arrangement to help back the purchase and to fund growth.
The Grobag was created in the late nineties in Devon by parents Rob and Ouvrielle Holmes, whose first child would not settle down in bed under blankets.
Gro Group has created a globally recognised and sold brand, and has a turnover of £12 million. The founders Rob and Ouvrielle Holmes have exited the business.
Christian Jones, the managing director of Gro Group, said, “The management buy-out will enable us to achieve our vision of The Gro Company becoming the number one global provider of safe sleep solutions. We are keen to build on the foundation laid by the management team over recent years and are excited about our future growth plans, both in the UK and on a worldwide platform.”
Rob and Ouvrielle Holmes commented on the deal, “The management team have done a fantastic job in continuing to build the business into a leading provider of sleep products for babies and young children, we would like to wish the business and management team every success for the future.”
The very successful brand won two gold standard awards at the Mother & Baby 2012/13 awards for its Grobag baby sleeping bag and its Grobag travel baby sleeping bag. Previous awards include five at the Lovedbyparents awards for its Grobag, Gro-clock and Gro-swaddle products.
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