Mid-market turnaround specialist Rutland Partners has agreed to acquire Buy As You View (BAYV), a retail and consumer finance business based in Wales, from a syndicate of banks in an all equity deal valued at £33.1m.
BAYV, which sells a range of electrical and household goods to customers who pay on a weekly basis, was originally established in the Rhondda Valley in 1972 and over the last ten years has expanded into the Midlands, Scotland and across the north of England.
It has a customer base of over 75,000 and staff of 550 spread throughout the regions and at the head office in Bridgend.
The senior management team, led by chairman Adrian Hill and chief executive Graham Clarke, will remain with the business and are investing alongside Rutland.
Over recent years the business has made a partial recovery helped in part by improved controls and by significant developments in new smart meter payment collections technology.
The strategy is to complete the turnaround through the roll-out of the new smart meters across the network and to fund controlled growth in customer numbers managed through the existing regional network, Rutland said in a statement released today.
The deal marks the seventh investment from the firm’s £320m Rutland Fund II vehicle and the sixth this year for Rutland following the bolt-on acquisitions by Brandon Hire and Laidlaw Interiors Group, in addition to the sales of Attends Healthcare, Pulse Home Products and NoteMachine.
“Rutland’s acquisition of Buy As You View gives the business much needed stability and a firm financial base on which it can return to controlled growth,” said Rutland partner Ben Slatter, pictured.
“We are excited by the opportunity to back Adrian Hill and Graham Clarke in their strategy to improve performance and develop the business further.”
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