Thomas Sanderson Blinds

Deal Summary

Catalyst advised the shareholders of Thomas Sanderson Blinds (TSB), a management buy-in backed by ISIS Equity Partners, on the sale to Hunter Douglas BV for £38 million.

Founded in 1990, TSB is a leading manufacturer and retailer of conservatory blind systems. Catalyst advised on the management buy-in (MBI) in 2001, raising over £20 million to buy the business from its founder.

Hunter Douglas, based in the Netherlands, is one of the world’s leading manufacturers and suppliers of window coverings and blinds.

What difference did we make?

Having advised on the original deal, we had built up a detailed understanding of the most likely buyers as part of the MBI planning process.

Following completion of the MBI we worked closely with the management team to build a strategy that would maximise the attractiveness of TSB to the strategic acquirer pool whilst the business continued to grow.

Our work involved advising on the most appropriate timing of the sale to maximise the price. When the time came to market the business for sale Catalyst knew the potential buyers so well that we only approached acquirers from whom we were certain we would receive an indicative offer and thus were able to protect confidentiality.

We concluded the sale in four months achieving a £20 million capital gain for the shareholders.

The greatest challenge on this deal was to manage sensitively the different objectives of ISIS and management shareholders to achieve a price, structure and buyer which satisfied everyone.