Damartex acquires Coopers of StortfordPrint news article
Corporate lawyers from Walker Morris have advised leading home shopping brand Damartex on its acquisition of Coopers of Stortford for a headline enterprise value of £25 million.
Coopers of Stortford, which is located in Bishop Stortford, North East of London specialises in multi-channel sales of practical products for the home, garden and leisure. Founded in 1995 by Neil Cooper, the family-owned company has achieved sales revenues of £29.6 million in 2012 (an increase of 40% on the prior year) with EBITDA of £3.7 million.
Based in Bingley, Yorkshire, Damartex plans to keep Coopers of Stortford as a stand-alone business and empower the management team to pursue their own commercial development, whilst exploiting other synergy opportunities arising from the combined organisation.
Walker Morris fielded corporate advisers including Debbie Jackson and Jo Stephenson.
Debbie Jackson, corporate partner who led the Walker Morris team commented:
“Damartex has been a long-standing client of Walker Morris and as such I am particularly delighted to have been able to work with their excellent management team on this key acquisition.
“Coopers of Stortford is a business which dovetails into the Damartex Group and provides opportunities for both businesses to achieve their goals.”
The active management of a portfolio of brands dedicated to the Senior market (55+) is the corner stone of the Damartex strategy. This acquisition fits within this strategy and provides the opportunity to further strengthen Damartex’s position on the UK market where it is already present with the Damart, Afibel and Sedagyl brands.
With 160 employees and thanks to outstanding customer service, Coopers of Stortford is experiencing rapid growth with 1 400 000 customers in the UK.
The management team of Coopers of Stortford is experienced and committed and will remain in charge of the business, reporting to Andy Hill (Managing Director of Damart UK). Neil Cooper plans to step back from day to day involvement in the business post-sale.