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Montagu exits decade-long Maplin investment with £85m sale to Rutland

27 Jun 2014

maplin storeUK-based Montagu Private Equity has sold electronics retailer Maplin to Rutland Partners for £85m after spending a decade rejuvenating the business.

Montagu paid £244m to pick up Maplin from Graphite Capital in 2004, but has since repaid all of the company’s debt and mezzanine loans and more than doubled revenues to £220m.

A spokesman for Montague said the firm would not comment on returns, but a source previously told AltAssets it expected to make its money back from the sale.

Outgoing Maplin chairman John Lovering, who is retiring from the business, said, “Maplin has been a long term investment for Montagu.

“They managed the business carefully and prudently through the recession, maximising cash flow and emerging in a post-Lehman world as a deleveraged survivor.

“In the last three years market change has accelerated, Maplin has responded, invested in the future, and grown its business.

“Maplin has been repositioned as a source of expertise and service for those who want to use electronics in their life but need great technical help and advice.”

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