Hillarys Blinds

Deal Summary

Catalyst introduced Change Capital to the management of Hillarys Blinds (Hillarys) and facilitated its investment to support a secondary management buy-out valued at £115 million.

Based in Nottingham, Hillarys is the UK’s leading made to measure window blind specialist, with a UK market share at the time of the deal of 22%. The business operates through 800 local advisors, making over 10,000 home visits per week to deliver a full in-house measuring and fitting service.

What difference did we make?

Hillarys had previously undergone an institutional buy-out in 2003 led by Close Brothers Private Equity.

Catalyst had a detailed understanding of the sector as a result of our consumer sector focus and in particular through knowledge gained on the buy-out and subsequent sale of Thomas Sanderson Blinds.

As a result of this knowledge, coupled with our understanding of the private equity marketplace, we were able to identify Change Capital Partners — a pan European consumer goods focused private equity firm and thus able to add value to the delivery of the business plan as well as bringing the funds — as the most appropriate funder of a secondary buy-out.

Our experience of the market and Change Capital’s investment focus also enabled the tight deadlines of the transaction to be met, with Change Capital investing within eight weeks of meeting the management team.