Hozelock up for sale for third time with £200m price tag
This marks the third time in four years that CVC Capital Partners, the private equity company which owns Hozelock’s parent company, Rasindeck, has tried to offload the business.
In June 27 the company was put up for sale with a £1m price, but the sale was discontinued. Two years later, in August 29, the business was again put up for sale but did not complete.
Since then, Mr Laffin has hired David Algar, formerly of Danone, to replace chief executive Steve Hall – who stood down last summer for personal reasons – and appointed Martin Wood as finance director.
The most recent accounts for Rasindeck show sales of £93.9m in the year to October 21, up from £8.6m the previous year, and a reduced loss before tax of £5.7m. Hozelock is one of CVC’s most long-standing investments, after taking it private in 1999 for £85m. The company has recently settled its long-running tax dispute which centred on tax relief applied to shareholder loans.
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