HIG Europe, the European arm of global private equity firm HIG Capital, has backed the management buyout of Kondor, a provider of mobile and consumer electronics accessories into the UK and European retail markets.
Kondor marks H.I.G. Europe’s maiden investment from HIG Europe II, the €825m fund which closed last year.
Founded in 1994 Kondor supplies headphones, cases and speakers with brand partners including Beats By Dr. Dre, Skullcandy, Sony and Samsung.
The company employs over 200 people in its Christchurch, Dorset, headquarters and Hong Kong sourcing office, ships up to 270,000 units per week. It said expects to generate revenues of over £100m in 2014. The purchase, from Kondor’s founder, is led by Kondor’s chief executive Robert Haycock, who joined Kondor in 2005.
Paul Canning, managing director, H.I.G. Europe, said, “Kondor is the established UK market leader in this sector and management has ambitious plans to continue to expand both in the UK and internationally. This aligns perfectly with H.I.G.’s experience and expertise. We look forward to working with them in supporting their growth plans”.
Last month HIG Capital closed its Middle Market LBO Fund II on its $1.75bn hard cap after a speedy fundraise that lasted for two months.
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