Kester Capital announces sale of Garrets International
28 January 2016
Kester Capital is pleased to announce the sale of Garrets International, a market leader in outsourced marine catering services, to Wrist Ship Supply, the world’s leading ship and offshore supplier.
Kester Capital led the primary buy-out of Garrets in early 2012, providing an exit for the founders who also remained minority investors. The sale represents the fifth exit from Kester Capital’s first fund, and generated a 3.1x money multiple and a 38% IRR.
Commenting on the deal, Cameron Crockett, a founding partner of Kester Capital and Garrets non-executive director said, “It has been a pleasure to work with Geoff Battersby and the Garrets team over the last four years. They have significantly strengthened Garrets’ market leading position and successfully professionalised the business during our ownership. We believe that Wrist Ship Supply is a great home for Garrets, and are sure that Garrets' business, staff and customers will prosper under Wrist’s ownership.”
Geoff Battersby, CEO of Garrets said, “Kester Capital has been a great partner for Garrets and the management team. They backed our ambitious growth plans and supported substantial ongoing investment across the business. This investment has delivered strong revenue and EBITDA growth and, ultimately, considerable value accretion for all shareholders.”
Kester Capital was advised on the transaction by Stephens Europe and Travers Smith.
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.
For further enquiries please contact:
Cameron Crockett or Jeniv Shah
Kester Capital LLP
+44 (0)20 3747 5700