Smythson / Greenwill SA
Cavendish Corporate Finance LLP is pleased to announce the sale of Smythson, the luxury leather goods and bespoke stationery retailer, to Greenwill S.A (”Greenwill”). The financial terms of the deal have not been disclosed.
Smythson, which was founded in 1887 by Frank Smythson, is recognised as one of the world’s premier luxury brands. The company sells a range of stationery, leather goods, diaries and fashion accessories and has a following throughout the world with a customer list which includes several Royal families, heads of state, members of the aristocracy, ”A” list film stars and a long list of other celebrities.
Cavendish has enjoyed a long relationship with Smythson, having earlier advised on its sale to Kelso Place Asset Management and Venrex Investment Management in 2005. Since that time, Smythson has made significant progress, increasing turnover by 59%, expanding retail stores to 15, growing the e-commerce business by 106% and further strengthening the infrastructure. Smythson is on track to achieve sales of £18 million for the financial year to March 2010.
Greenwill is the holding company for Tivoli Group SpA, which is one of the leading luxury leather goods manufacturers in Italy. The company was established in 1973 and supplies leather accessories for numerous global luxury brands. Tivoli Group intends to invest in Smythson as it enters the next stage of its development and will provide the financial support and stability necessary to continue to develop the brand and the business in the long term.
The Smythson management team will remain with the Company post the acquisition.
Cavendish managed a full sale exercise including buyers from around the world, making full use of its international network, and adhering to the client’s specific requirements in terms of potential purchaser and deal structure.
Jonathan Buxton, Cavendish partner who led the deal, commented:
”We are delighted to announce the successful sale of Smythson. We were able to identify a buyer that not only met our client’s pricing requirements, but also provides an excellent platform for the development of the business in the future. This sale is the second time we have sold the business and highlights Cavendish’s expertise in the luxury and consumer goods sector.”
“I would like to thank all of those involved in the process that has concluded with us ultimately choosing Neighborly as our partner going forward, those at finnCap Cavendish and our CFO Mike Bergin, without whom this would have not happened.”
Thank you to the Cavendish team for your unwavering support throughout this process. Finding a strategic overseas partner to allow me to realise my global ambition was my number one aim, and this has been achieved. In the current market the result you have delivered is exceptional.
It was a great pleasure to work with the Cavendish team again having originally worked with them when we sold Naked Wines to Majestic Wine in 2015. John, Rebecca and the team rigorously assessed the market to find the right new owner for a business with dedicated staff and suppliers and the right deal to achieve Naked’s goal of realising capital and simplifying the business.
“Jonathan, thank you to you and your team for your tremendous support and wise counsel during the process. You kept a calm head throughout and successfully charted a course to bring us to this great conclusion. David, the team and I are all delighted with the outcome as we now join forces with Cafento to build the brand to even greater heights. I would highly recommend your services!”
“The team at Cavendish went far beyond what was expected, supporting us through the entire fundraising process. I am certain that the deal with Piper would never have completed in the time frame without their help.”
Jonathan, thank you for all your help, sound advice and hard work over the last year. You very skilfully guided us through a challenging process. As well as a fantastic exit for some very happy shareholders, there is no doubt in my mind that Orlebar Brown has ended up in the right place. Your patience was rewarded!
“Cavendish worked hard and achieved an excellent result for stakeholders. I would certainly recommend their services.”
“The Cavendish team did an excellent job and provided expert advice throughout the transaction and most importantly ensured the deal crossed the line. I am pleased that Jollyes has passed into experienced hands and I truly believe the business has an exciting future ahead.”
“Thank you guys, brilliant work!! Thanks to your advice, the company was well prepared and it all came together very quickly at the end, excellently handled by you and your team. A cracking result for all the OKA shareholders!”
“I’d like to thank Jonathan Buxton and his team for doing a great job in selling Cotswold Collections to Rockpool and completing the deal announced today.
We all appreciate the hard work that was put in by each member of the team to make the deal happen and help us through all the tricky parts of the negotiation, whilst it was very frustrating at times we got there in the end! Well done!”
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