Investment firm, Growth Partner, has acquired a multimillion-pound stake in leading bathroom and tile specialist, Cubico Group.
Growth Partner, which is backed by HomeServe plc founder and CEO Richard Harpin, has made the investment to acquire a significant minority stake in the Yorkshire-based company.
It is Growth Partner’s second investment in the home improvement sector this year, having invested in North East based Flooring Superstore in February.
Operating via its trade-facing brand, Cubico Bathrooms, and its consumer facing brand, Easy Bathrooms, Cubico has a rapidly expanding national footprint of 65 showroom and trade counter stores, alongside its wholesale and growing eCommerce channels.
Cubico was founded in Leeds in 2012 by managing director, Craig Waddington, who has over 25 years’ experience in the bathrooms industry. The company now has sales in excess of £45 million and employs over 400 people. In the last 12 months alone, the business has opened 23 new showrooms – including 16 since the onset of the Covid-19 pandemic in March.
Easy Bathrooms’ showrooms offer customers a broad range of its own bathroom products, tiles and accessories, which are showcased across a large number of curated displays with trend led designs.
As a result of the investment, Cubico will continue to expand its national footprint of stores to over 100 showrooms by 2023. Growth Partner Investment Director, Alex Marsh, led the deal for Growth Partner and joins the board as non-executive director.
Andy Francey at Freeths provided legal advice and Ian Robinson at Sentio Partners provided financial due diligence for Growth Partner while Cubico and its shareholders were advised by Rob Kelly at Schofield Sweeney.
Cubico managing director, Craig Waddington said: “I’m incredibly proud of what we’ve achieved at Cubico Group in the last eight years, and our recent acceleration in growth – during a difficult year – is what attracted the approach and investment from Growth Partner. With Richard Harpin at the helm, it is an investor which shares our passion for the home improvement sector.”
Growth Partner investment director, Alex Marsh added: “Craig and his team have done an outstanding job to establish Easy Bathrooms as the leading bathroom retail specialist in the UK in a relatively short space of time.”