GCP Capital Partners announces the acquisition of Garrets International
27 March 2012
GCP Capital Partners LLP (“GCP”) announces the acquisition of Garrets International Limited (“Garrets”), the leading international provider of marine catering management for the commercial shipping industry.
Derrick Samms founded Garrets in 1991 and has since pioneered the market for outsourcing of catering services for the merchant navy. Garrets provides its customers with a range of services including provisions supply, stock keeping, quality control and chef training and support.
The business has grown rapidly over recent years and today manages a fleet of 750 vessels from its head office in Romford, making it the clear market leader. The company was recently featured in the Sunday Times International Track 100 as one of the UK’s fastest-growing international companies.
Brian Phillips, Partner at GCP, said: “We are very excited about this primary buyout opportunity. Garrets operates in an attractive market and is well-placed to capitalise on its market leading position to capture further growth. Derrick has done an outstanding job taking Garrets to where it is today and we are delighted to have his continued commitment to the business.”
Having led the market in marine catering for over 20 years, Garrets has developed an enviable reputation for quality and customer service amongst suppliers, competitors and, most importantly, customers, which include some of the largest names in world shipping.
Derrick Samms, Managing Director, commented: "We are delighted to announce our partnership with GCP, which will allow Garrets to embark on the next phase of its strategy to grow its position as the leading global outsourced supplier for the marine catering sector."
The vendor was advised by Robert Auerbach, Head of Mergers & Acquisitions at WH Ireland, who specialises in advising entrepreneurs on business sales and capital raisings.
About Kester Capital
Kester Capital is a mid-market UK private equity firm investing in businesses with an enterprise value of £10-50 million. It was established in 2007 as Greenhill Capital Partners Europe, the European private equity arm of Greenhill & Co.
About Garrets International Limited
Garrets International Limited (“Garrets”) is the leading international provider of marine catering management for the commercial shipping industry. Garrets provides 750 vessels with a range of services including provisions supply, stock keeping, quality control and chef training and support. Garrets was recently placed 27th in the Sunday Times and HSBC International Track 100 Awards for the fastest growing UK firms with international sales and, in 2009, Garrets was awarded the Queen’s Award for Enterprise: International Trade.