Maplin has been acquired in a £85m deal by private equity firm Rutland Partners, ending several months of speculation. The business had been put up for sale back in March by its then owner Montagu Private Equity with the expectation of achieving between £100m-£200m.
Maplin is the UK’s largest specialist electronics retailer with a mix of out of 214 town and high street stores, an established mail order catalogue and transactional website. This business has invested significantly in its ecommerce offering by re-platforming its website as well as extending its online range and adding to its retail presence with six new store openings planned for 2014.
John Cleland, CEO of Maplin commented on the news “Our strategic plans for Maplin represent substantial growth in sales and profit, already mapped out, that focuses on improved customer experience in all key channels,” adding ” Substantially broadening our range of products and investing in our ability to offer the best electronics and technical advice to our customers.”
Montagu acquired Maplin in 2004 from Graphite Capital Management.
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