Although full financial terms were not disclosed, Rutland partner Mike Harris said the sale yielded a cash return of around 1.5-times Rutland’s initial 2007 investment of £27m.
Pulse makes goods for the UK home product market, primarily domestic appliances under the Breville name as well as other brands including Nicky Clarke hair care and Dirt Devil vacuum cleaners.
The company designs the majority of its products at its headquarters near Manchester, which are then made by third party suppliers in the Far East.
Following Rutland’s acquisition, Pulse’s logistical and administrative operations were separated from that of its former parent and the business was transitioned to a stand-alone entity.
The restructuring of operational disciplines, continued investment in brand stretch and innovation together with new channels to market have delivered market share gains and strong operational cash flow over Rutland’s period of ownership, the firm said.
The sale marks the second disposal from Rutland’s £320m Fund II vehicle, following the €180m sale earlier in 2012 of Attends Healthcare for a return of 3.3-times its original equity investment.
Other portfolio investments currently held by Rutland include refuse sack maker CeDo, equipment hire company Brandon, subsea technical analysis company GEMS and door maker Laidlaw.
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