Halls Homes and Gardens
Halls produced a range of garden greenhouses, sheds, conservatories and garden furniture. It was the market leader in the UK in garden greenhouses with a share of roughly 50%.
Cinven acquired the business in May 1982 from Pentos Limited. The business was highly profitable and cash generative, while its parent company, Pentos Limited, was looking to raise funds to reduce its overall level of debt.
The markets in which Halls operated exhibited steady underlying growth due to the widening interest in gardening. Halls’ strategy was to track this growth while at the same time introducing new products. At the time of acquisition, the business was well positioned in certain continental European markets and the strategy involved expanding within these regions and into adjacent regions such as Scandinavia.
It had been the objective of management and Cinven to grow the business to a level where it could be floated on the public markets. This was successfully achieved in November 1986 when the business was listed on the forerunner of the Alternative Investment Market.
Multiple returned on investment: 2.2x