Change Capital Partners supports Robert Dyas

Change Capital Partners has backed the management buy-in of Robert Dyas, the high street hardware and DIY retailer, ma deal valued at £61 m. Change Capital Partners has assumed a majority stake in the business with management holding the balance. The transaction was facilitated through a £32m debt package comprising senior debt, working capital and mezzanine provided by Lloyds TSB Acquisition Finance. The transaction took approximately three months to complete. Leatherhead-based Robert Dyas operates 75 stores in the south of England, offering electrical, kitchen, houseware, gardening and DIY products. The business, which first started trading in 1872, currently employs approximately 1000 staff. For the six months to September 2003 the group reported sales of £3 and EBIT of £2.2m.

Robert Dyas
Location: Leatherhead
Sector: Household goods & textiles
Turnover: ct90m
Founded: 1872
Staff: 1000

Change Capital Partners £61m

Investors
Change Capital Partners .(CCP) has backed the management buy-in of Robert Dyas the high street hardware and DIY retailer, from shareholders advised by Tenon Corporate Finance in a deal valued at £61 m. CCP has ass a majority stake in the business with management holding the balance The transaction, which was facilitated through a £32m debt package comprising senior debt, working capital and mezzanine provided by Lloyds TSB Acquisition Finance. The transaction took approximately three months to complete.

Company
Leatherhead-based Robert Dyas operates 75 stores in the south of England, offering electrical, kitchen, houseware, gardening and DIY products. The business, which first started trading in 1872, currently employs approximately 1000 staff. For the six months to September 2003 the group reported sales of £39m and EBIT of £2.2m Forecasts suggest that Robert Dyas will achieve revenues of around £90m for the
year-end March 2004.

People
Steve Petrow, Lorenzo Russo and Alan Smith coordinated the deal on behalf of CCP, and are likely to be appointed to the board in the near future. Ian Sale and Simon Barnes of Lloyds TSB Acquisition Finance coordinated the transaction for the bank. Roger Pedder and Brent Wilkinson step down from their respective positions as chairman and CEO at the firm.

Advisors
Equity -Weil Gotshal & Manges, Richard Ginsberg, Matthew Cox, Will Rosen,
Kevin Santry (Legal); KPMG, Clive Gibbard (Debt advisory); Stephen Papa (Financial due diligence).

Debt - CMS Cameron Mckenna, Will Meredith, Kirsty Jefferies (Lega
Vendor - Tenon Corporate Finance, Clive Hatchard, Andrea Errington
(Corporate finance).