Professional Documents
Culture Documents
Buyout Track Rep
Buyout Track Rep
In association with
Buyout Track 100 Research Report 2011
CONTENTS
INTRODUCTION 1
The top 10 companies 1
EXECUTIVE SUMMARY 2
KEY STATISTICS 4
EBITDA 4
Margins 5
Sales 5
Staff and job creation 6
Debt 6
Private equity house breakdown 7
Deal type breakdown 7
Deal activity 7
Sector breakdown 8
Industry breakdown 8
Regional breakdown 9
New companies 9
Sustained growth 10
KEY THEMES 11
10 BIGGEST 21
METHODOLOGY 23
Qualification criteria 23
Research approach 23
Definition of private equity 23
Disclaimers 23
BACKGROUND 26
About the authors 26
About Fast Track 26
Contact details 27
INTRODUCTION
This is the fifth annual Sunday Times Buyout Track 100 league
table, which ranks Britain’s 100 private equity-backed companies
with the fastest-growing profits (EBITDA‡) over their latest two
financial years. The league table has title sponsorship from Deloitte,
and main sponsorship from Lloyds Bank Corporate Markets,
Skillcapital and UBS Wealth Management.
The Buyout Track 100 is the only league table of its kind in Britain,
ranking private equity-backed companies, rather than private equity
deals at entry or exit. Past stars include Betfair, Somerfield, Kettle
Foods and St Tropez.
of
de
it
en
pr
% §rof
fit
ol
es
ar
eh
ro
n
ar
th p
nk 1
al
m 0
ye
tio
tiv y
00 st p
Ra 01
00 ye
Co 01
ar
l
00 st s
Ac pan
ow ua
ca
sh
cia
ity
2
£0 se
gr n
£0 ate
£0 te
lo
nk
An
an
n
Ba
La
af
ai
HQ
L
Ra
Fin
St
1 3 Lovefilm.com West London Dec 09 283.72 15,961 1,084 97,170 427 Private equity consortium (38%), Amazon (45%),
Online DVD rental provider management and others (17%)
2 40 GO Outdoors Sheffield Jan 10 114.04 *6,617 1,444 *74,005 497 YFM Group (21%), management (79%)
Outdoor equipment retailer
3 50 Aesica Pharmaceuticals Newcastle Dec 09 105.74 14,700 *3,473 84,600 615 LDC (60%), management (40%)
Pharmaceuticals manufacturer
4 Evans Cycles Sussex Oct 09 101.78 5,933 1,457 72,969 715 Active Private Equity (70%), management
Bicycle retailer and others (30%)
5 Celerant Consulting Richmond Dec 09 100.31 7,483 1,865 122,729 571 Management (53%), Caledonia
Operational management consultancy Investments (47%)
6 XLN Telecom Central London Mar 10 100.11 11,572 2,890 54,862 100 ECI Partners (>50%), management (<50%)
Telecoms services provider
7 HellermannTyton Manchester Dec 09 106.95 7,435 1,736 37,753 427 Doughty Hanson (100%)
Cable manufacturer
8 Acturis Central London Sep 09 88.24 5,750 1,623 14,083 110 Management (<80%), Summit Partners
Software services provider (>20%)
9 United House Group Kent Dec 09 86.71 11,169 3,204 159,645 466 Management (60%), LDC (40%)
Building contractor
10 DWS Bodyworks Essex Sep 09 84.13 4,135 *1,220 36,755 379 Risk Capital Partners (60%),
Car repairer management (40%)
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure
‡ EBITDA is defined as operating profit + depreciation + amortisation
EXECUTIVE SUMMARY
Regional breakdown
• London is home to the highest proportion of companies with
27, followed by the Southeast with 21.
Well-known brands
• A number of household retail names are featured. Evans Cycles
(No 4, backed by Active Private Equity), Cath Kidston (No 18,
backed by TA Associates) and 99p Stores (No 84, backed by
Barclays Ventures), all appear for the first time. Lovefilm.com
(No 1, backed by a private equity consortium), GO Outdoors
(No 2), Jack Wills (No 36, backed by Inflexion Private Equity),
and Poundland (No 46, backed by Warburg Pincus) all feature
for a second time. YO! Sushi (No 82) and Dreams (No 83)
appear for a third time.
>15x 2
10x-15x 9
5x-10x 17
1x-5x 42
<1x 30
0 10 20 30 40 50
Deal activity
Deal type • 27 companies on this year's league table have been the subject
of private equity buyouts since the beginning of 2010. On last
Number of companies year's league table, the comparative number was 10.
• One company featured on last year's league table has gone
Primary 54 on to float, compared to none the previous year. Apax-backed
Promethean listed on the LSE with a market capitalisation
Secondary 32 of £396m in March, but its share price subsequently under
performed.
Tertiary 7
• There were 12 other exits from last year's league table,
Quartertiary 2 compared to three last year. Half were trade sales, including
Lion Capital's sale of Kettle Foods to US listed group Diamond
Public-to-private 5 Foods for $615m. Four were exited in secondary deals,
including Webfusion which Oakley Capital sold to Montagu
0 15 30 45 60 Private Equity for £222m. RJD Partners exited Teaching
Personnel in a £45m tertiary deal with Graphite Capital, and
Kcaj sold its stake in Mountain Warehouse for an undisclosed
amount in a quartertiary deal backed by LDC.
Industry breakdown
Consumer (inc retail) 31
• The top industry, representing nearly a third of the league table,
is consumer-related. 31 companies fall into this category,
including shoe retailer Office (No 39, backed by Silverfleet
Capital) and child car seat maker Britax Childcare (No 41, backed
by Nordic Capital). Consumer-related represents combined
Business services 14 EBITDA of £449m and employs 45,967 people.
• The business services industry provides a further 14 companies,
including training services provider JHP Group (No 33, backed by
TMT 14 LDC) and vehicle leasing services provider Zenith Provecta
(No 73, backed by Morgan Stanley Private Equity). Business
services represents combined EBITDA of £159m and employs
Life sciences, healthcare 10 10,821 staff.
• Technology, media and telecommunications (TMT) accounts
for 14 companies, including telecoms network operator Gamma
Manufacturing 10
Telecom (No 30, backed by Kerry Group), and IT services provider
THL (travel, hospitality, leisure) 7 Kelway (No 16, backed by Core Capital). TMT represents
combined EBITDA of £157m and employs 6,127 people.
Financial services 5 • The life sciences and healthcare industry provides ten
Real estate (inc construction) 5 companies, including drug manufacturer Aesica Pharmaceuticals
EIU (energy, infrastructure, utilities) 4 (No 3, backed by LDC) and specialist healthcare provider
Castlebeck (No 72, backed by Lydian Capital Partners). Life
sciences and healthcare has combined EBITDA of £155m and
employs 10,046 people.
© 2011 Buyout Track 100 www.fasttrack.co.uk
Buyout Track 100 Research Report 2011
Southwest 4
Wales 2
Northern Ireland 1
0 5 10 15 20 25 30
Eren Ali, founder of Las Iguanas (No 51), backed by Bowmark Capital.
Sustained growth
• 37 companies appear on the league table for their second
consecutive year, eleven make their third appearance. Three
make their fourth consecutive appearance. Two companies,
energy research consultancy Wood Mackenzie (No 63, backed
by Charterhouse) and specialist healthcare provider Castlebeck
(No 72, backed by Lydian Capital Partners) have appeared on
all five Buyout Track 100 league tables.
• An additional 15 companies make re-entries, having appeared
in a Buyout Track 100 league table prior to 2010.
• The table below shows the eleven companies that have
appeared at least three years in a row.
Company Current backer Rank 2011 Rank 2010 Rank 2009 Rank 2008 Rank 2007
Activity
Tangerine Confectionery Growth Capital Partners 20 47 40
Confectionery maker
Office Silverfleet Capital 39 93 81 82
Shoe retailer
Tinopolis Vitruvian Partners 40 51 38
Film and television producer
National Fostering Agency Sovereign Capital 56 66 90
Foster care agency
Wood Mackenzie Charterhouse 63 69 67 19 12
Energy research consultancy
EIC MML Capital 65 43 14
Integrated building services provider
Castlebeck Lydian Capital Partners 72 67 63 61 68
Specialist healthcare provider
Dunlop Aircraft Tyres AAC Capital Partners 75 87 35
Aircraft tyre manufacturer
National Accident Helpline LDC, Inflexion Capital 76 96 92 54
Legal services marketing agency
YO! Sushi Quilvest Private Equity 82 100 61
Japanese restaurant operator
Dreams Exponent 83 82 24
Bed retailer
key THEMES
Office
39 Main shareholders: Silverfleet Capital (95%), Brian McCluskey (5%)
Shoe retailer
CAGR§ 45.00% From Ugg boots to kitten heels and Converse trainers, Office
EBITDA 2010 £18.4m* sells footwear from 74 shops and 42 concessions in Britain, as
EBITDA 2008 £8.7m well as from a concession in Top Shop’s New York outlet. The
Sales 2010 £142.9m* company opened its doors in 1981, when husband and wife
Staff 1,748 David and Liz Casey furnished their first London shop with old
office furniture and named it Office London. The Caseys sold
Location Central London
the business to Sir Tom Hunter’s West Coast Capital for £15m
in 2003, before Silverfleet Capital acquired the business for a
reported £140m in December 2010.
Poundland
46 Main shareholders: Warburg Pincus (76%), management (24%)
Discount retailer
CAGR§ 40.02% Poundland has almost doubled its number of stores to more
EBITDA 2010 £30.1m than 300 over the past three years. It plans to open a further
EBITDA 2008 £15.3m 50 in the year to March 2011, and says the scale of the
business is helping profit growth thanks to improved buying
Sales 2010 £510m
power. The company sells more than 3,000 products, including
Staff 6,702 food, household goods and DIY products, all priced at £1.
Location West Midlands Warburg Pincus backed a £200m secondary buyout from
Advent International in June 2010.
Deb Group
57 Skincare product maker
Main shareholders: Charterhouse (80%), management (20%)
CAGR§ 34.43% The hands of employees all over the world are cleaner thanks
EBITDA 2009 £35.5m to Deb Group. Best known for its Swarfega hand cleanser, it
EBITDA 2007 £19.7m also supplies a range of other skincare products to companies
Sales 2009 £140.1m in the industrial, commercial, healthcare and food sectors.
Staff 688 The company was founded in Derbyshire in 1941 and now
has subsidiaries in 14 countries. Charterhouse Capital Partners
Location Derbyshire
backed a £325m secondary buyout from Barclays Private Equity
in March 2010, taking a 80% stake.
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure † accounts not filed at Companies House
CastleCare
69 Main shareholders: Baird Capital Partners (72%), management (26%)
Youth care homes operator
Teaching Personnel
81 Main shareholders: Graphite Capital (64.5%), management (35.5%)
Supply teacher recruiter
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure † accounts not filed at Companies House
Growth by acquisition
Companies growing through acquisition once again feature
heavily on this year's league table, with at least 25 reporting that
acquisitions have helped grow profits. Some, such as Lifeways
Community Care (No 12, backed by August Equity) have
grown through buy-and-build strategies. Others have acquired
competitors, including Tangerine Confectionery (No 20, backed
by Growth Capital Partners) which bought underperforming
divisions from Burton Foods and Cadbury.
Weathering the storm: Survitec (No 55) is backed
by Warburg Pincus.
Kelway
16 Main shareholders: Core Capital (25%), management and staff (75%)
IT services provider
Engine Group Main shareholders: HIG Capital (38%), management and staff
37 (47%), institutional shareholders (15%)
Marketing agency
Survitec
55 Main shareholders: Warburg Pincus, management
Survival equipment maker
CAGR§ 35.32% Survitec provides safety and survival equipment to the marine,
EBITDA 2010 £34.8m defence, aviation and oil and gas sectors. It makes life rafts,
EBITDA 2008 £19m life jackets, submarine escape suits, and anti-gravity and
Sales 2010 £162m survival suits for customers including P&O, BP, Thompson
Staff 1,270 Airways, the US Navy and Westland Helicopters. Warburg
Pincus backed a secondary buyout in January 2010 for £280m
Location Belfast
which should help fund the company's buy-and-build strategy.
Its latest acquistion, Seaweather Marine and Aviation Services,
completed in September 2010.
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure † accounts not filed at Companies House
Counter-cyclical businesses
Companies operating in counter-cyclical sectors are well
represented on the league table, with a total of 15 companies.
This includes four discount retailers such as Poundland (No 46,
backed by Warburg Pincus) and 99p Stores (No 84, backed by
Barclays Ventures), and two debt collectors: Marlin Financial
Group (No 15, backed by Duke Street Capital) and Apex Credit
Management (No 59, backed by Anacap Financial Partners).
CAGR§ 25.31% Nadir Lalani opened the first of his 99p Stores in London in
EBITDA 2010 £4.5m 2001, and now operates 137 outlets nationwide after picking
EBITDA 2008 £2.9m up 67 former Woolworth shops to date. True to its name, the
single price retailer sells everything at 99p, and the company
Sales 2010 £183.5m
has recently launched Family Bargains, a new budget retail
Staff 2,156 chain not constrained by the 99p price tag. Barclays Ventures
Location Northampton owns a 25% stake after making investments in the business in
2004 and 2006.
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure † accounts not filed at Companies House
Well-known brands
Household names that feature on the league table are
predominantly consumer-facing businesses such as retailers and
leisure operators such as Go Outdoors (No 2, backed by YFM
Group), Poundland (No 46, backed by Warburg Pincus) and
Yo! Sushi (No 82, backed by Quilvest Private Equity), in addition
to the ones below; including the number one company,
Lovefilm.com.
CAGR§ 66.56% Cath Kidston set up her Notting Hill shop in 1993 selling
EBITDA 2010 £8.8m antique furniture and fabrics, becoming a hit with her largely
EBITDA 2008 £3.2m female clientele when she designed a homeware range.
Distinctively decorated with floral prints, the items have
Sales 2010 £50.4m
tapped into the 'modern vintage' trend, and can be seen on
Staff 383 items from key rings to Apple iPhone covers. TA Associates
Location Central London backed a majority buyout in March which valued the company
at £100m.
CAGR§ 47.98% Targeting affluent university towns, Jack Wills now has 45
EBITDA 2010 £10.2m shops in Britain, Ireland and America. The company sells
EBITDA 2008 £4.6m casual, preppy clothes aimed at 18-21 year olds, as well as a
range for more mature customers sold through its Aubin and
Sales 2010 £64.8m
Wills brand. It puts growth down to the quality of its clothes,
Staff 1,286 geographical expansion and marketing. The company was
Location Northwest London founded in 1999 by university friends Peter Williams and Rob
Shaw, and in 2007 Inflexion purchased a 27% stake for an
undisclosed sum.
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure † accounts not filed at Companies House
00
it
it
ea o
of
of
n eh
£0
11 10 tio y pr ar
pr
ny
fit
ial
les
20 20 ca l
00 pro
sh
00 ar
pa ivity lo c ua
sa
an
£0 e ye
k k
n n ff ain
£0 est
n m ct
st
Ra Ra Co A HQ Fin An St
a
te
M
Ba
La
La
1 3 Lovefilm.com West London Dec 09 283.72% 15,961 1,084 97,170 427 Private equity consortium (38%), Amazon
Online DVD rental provider (45%), management and others (17%)
2 40 GO Outdoors Sheffield Jan 10 114.04% *6,617 1,444 *74,005 497 YFM Group (21%), management (79%)
Outdoor equipment retailer
3 50 Aesica Pharmaceuticals Newcastle Dec 09 105.74% 14,700 *3,473 84,600 615 LDC (60%), management (40%)
Pharmaceuticals manufacturer
4 Evans Cycles West Sussex Oct 09 103.83% 6,054 1,457 72,969 715 Active Private Equity (70%),
Bicycle retailer management and others (30%)
5 Celerant Consulting Richmond Dec 09 100.31% 7,483 1,865 122,729 571 Management (53%), Caledonia
Operational management consultancy Investments (47%)
6 XLN Telecom Central London Mar 10 100.11% 11,572 2,890 54,862 153 ECI Partners (>50%), management
Telecoms services provider (<50%)
7 HellermannTyton Manchester Dec 09 90.77% 7,435 2,043 37,753 427 Doughty Hanson (100%)
Cable manufacturer
8 Acturis Central London Sep 09 88.24% 5,750 1,623 14,083 110 Management (<80%), Summit Partners
Software services provider (>20%)
9 United House Group Kent Dec 09 86.71% 11,169 3,204 159,645 466 Management (60%), LDC (40%)
Building contractor
10 DWS Bodyworks Essex Sep 09 84.13% 4,135 *1,220 36,755 379 Risk Capital Partners (60%),
Car repairer management (40%)
11 1 Skrill Central London Dec 09 81.73% 18,956 5,740 42,655 317 Investcorp (51%), founders and
Online payment provider management (49%)
12 32 Lifeways Community Care Southwest London May 10 76.83% 6,983 *2,233 57,875 3,009 August Equity (78%), management
Community care provider (22%)
13 29 Achilles Group Abingdon Apr 10 74.00% 10,636 3,513 37,979 579 HgCapital (69%), management (31%)
Procurement consultancy
14 Quantum Pharmaceutical County Durham Jan 10 73.98% 7,328 2,421 29,983 180 Management (52.5%), LDC (47.5%)
Pharmaceutical manufacturer
15 Marlin Financial Group West Sussex Dec 09 70.09% 6,706 2,318 11,542 68 Duke Street Capital (58%), management
Debt purchaser (42%)
16 46 Kelway Central London Mar 10 67.25% 8,408 3,006 178,140 355 Core Capital (25%), management and
IT services provider staff (75%)
17 63 Rixonway West Yorkshire Feb 10 67.21% 5,113 1,829 28,811 430 August Equity (60%), management
Kitchen maker (40%)
18 Cath Kidston Central London Mar 10 66.56% 8,785 3,167 50,369 383 TA Associates (62%), Cath Kidston
Lifestyle retailer (21%), management (17%)
19 Nexus Industries Telford Dec 09 66.28% 4,075 1,474 44,537 248 Management (50.1%), EPIC Investments
Electrical products supplier (49.9%)
20 47 Tangerine Confectionery Blackpool Dec 09 65.14% 13,109 4,807 154,549 1,343 Growth Capital Partners (41%), management
Confectionery maker (40%), Appleby Trust (14%), Toms Gruppen (5%)
21 Worldmark Lanarkshire Dec 09 65.11% 13,432 4,927 73,051 1,413 Barclays Private Equity (70%),
Identification systems developer management (30%)
22 5 UPP Central London Aug 10 63.20% †41,585 15,614 †84,219 353 Barclays Infrastructure Funds (100%)
University accommodation provider
23 DCK Essex Jan 10 60.56% 19,560 7,587 190,498 1,953 Caird Capital (20%), management and
Jewellery retailer others (80%)
24 44 Inchcape Shipping Services Essex Dec 09 58.97% 41,546 16,440 322,114 3,568 Istithmar World Capital (85%),
Marine services provider management and staff (15%)
25 Aim Aviation Bournemouth Apr 10 58.41% †13,300 5,300 †69,200 800 LDC (>50%), management (<50%)
Aircraft interior designer
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure † accounts not filed at Companies House
00
it
it
ea o
of
of
n eh
£0
11 10 tio y pr ar
pr
ny
fit
ial
les
20 20 ca l
00 pro
sh
00 ar
pa ivity lo c ua
sa
an
£0 e ye
k k
n n ff ain
£0 est
n m ct
st
Ra Ra Co A HQ Fin An St
a
te
M
Ba
La
La
26 Bounty Welwyn Garden Dec 09 56.69% 8,289 3,376 30,292 688 Barclays Private Equity (63%),
Pregnancy and parenting club City management (37%)
27 Data Explorers Central London Jun 10 55.98% †4,825 *1,983 †17,490 100 Bowmark Capital (51%), management
Financial data provider (49%)
28 Thompson & Morgan Ipswich Jun 10 55.57% 3,899 1,611 40,602 294 Primary Capital (52%), management
Garden seed supplier (48%)
29 Quantel Newbury Sep 09 54.61% 4,480 1,874 39,093 243 LDC (55%), management and staff
Broadcasting technology provider (45%)
30 Gamma Telecom Newbury Dec 09 54.49% 6,540 2,740 141,292 263 Kerry Group (46%), Michael Stone
Telecoms network operator (24%), Sofaer Capital (21%), other (9%)
31 11 Cognita Milton Keynes Aug 09 54.40% 26,632 11,171 138,618 2,937 Bregal Capital (81%), management
Schools operator (19%)
32 49 Wiggle Portsmouth Jan 10 52.90% 7,402 3,166 55,597 92 ISIS Equity Partners (48%), management
Online sports goods retailer (52%)
33 JHP Group Coventry Jul 10 51.87% †10,158 4,404 †62,642 1,400 LDC (78%), management (22%)
Training services provider
34 Thomsons Online Benefits Central London Dec 09 50.45% 3,434 1,517 16,319 132 Pi Capital (48%), Michael Whitfield
Employee benefits software developer (29%), Chris Bruce (23%)
35 HobbyCraft Group Dorset Feb 10 48.97% 12,155 5,477 84,366 1,538 Bridgepoint (>50%), management and
Craft goods retailer others (<50%)
36 22 Jack Wills Northwest London Jan 10 47.98% 10,156 4,638 64,764 1,286 Inflexion Private Equity (27%),
Fashion retailer management (73%)
37 Engine Group Central London Dec 09 47.98% 13,038 5,954 59,102 540 HIG Capital (38%), management and staff
Marketing agency (47%), institutional shareholders (15%)
38 74 FDM Group Brighton Dec 10 46.39% †11,277 5,262 †83,736 784 Inflexion Private Equity (61.5%),
IT services provider management (38.5%)
39 93 Office Central London Jan 10 45.00% *18,388 8,746 *142,923 1,748 Silverfleet Capital (95%), Brian
Shoe retailer McCluskey (5%)
40 51 Tinopolis South Wales Sep 09 44.28% 6,926 3,327 65,750 389 Vitruvian Partners (70%), management
Film and television producer (30%)
41 Britax Childcare Surrey Dec 09 44.14% 36,161 17,405 202,872 1,010 Nordic Capital (majority), management
Child car seat maker (minority)
42 ATP International Central London Dec 09 43.99% 15,731 *7,587 74,606 1,040 Barclays Private Equity (60%),
Business travel agency management (40%)
43 99 Attenda West London Dec 09 43.67% 5,668 2,746 33,186 209 M/C Venture Partners & Phoenix Equity
IT services provider Partners (52%), management (48%)
44 CPL Industries Chesterfield Mar 10 40.74% 20,600 10,400 132,800 549 Royal Bank of Scotland (46%), Vision Capital
Solid fuels supplier (39%), current and former management (15%)
45 23 Mountain Warehouse Central London Feb 10 40.39% 9,038 *4,585 47,534 654 Management (>50%), LDC (<50%)
Outdoor clothing retailer
46 92 Poundland West Midlands Mar 10 40.02% 30,053 15,328 509,791 6,702 Warburg Pincus (76%), management
Discount retailer (24%)
47 Adelie Food Milton Keynes Oct 09 39.97% *12,804 6,535 *231,270 3,248 Duke Street Capital (>50%),
Food producer and distributor management (<50%)
48 Republic Leeds Jan 10 39.73% 33,588 17,202 173,302 2,459 Texas Pacific Group (>50%),
Fashion retailer management (<50%)
49 LGC Southwest London Mar 10 38.85% 20,731 10,753 123,569 1,332 Bridgepoint (>50%), management
Analytical services laboratory (<50%)
50 A-Gas International Bristol Dec 10 38.51% †10,300 5,369 †52,000 130 Growth Capital Partners (40%),
Chemicals and gases distributor management (60%)
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure † accounts not filed at Companies House
00
it
it
ea o
of
of
n eh
£0
11 10 tio y pr ar
pr
ny
fit
ial
les
20 20 ca l
00 pro
sh
00 ar
pa ivity lo c ua
sa
an
£0 e ye
k k
n n ff ain
£0 est
n m ct
st
Ra Ra Co A HQ Fin An St
a
te
M
Ba
La
La
51 Las Iguanas Bristol Mar 10 38.10% 4,050 *2,123 29,753 754 Bowmark Capital (52%), Eren Ali (23%),
Restaurant operator current and former management (25%)
52 Inexus Cardiff Jun 09 38.08% †43,531 22,831 †60,007 249 Challenger Infrastructure Fund (83%), CFSPC and
Gas transportation operator CFSI Infrastructure Fund (13%), management (4%)
53 41 Weldex Inverness Nov 09 36.64% 14,277 7,647 27,201 128 Dunedin Capital Partners (58%), McGilvray
Crane hirer family (37%), NVM Private Equity (5%)
54 17 Ultimate Products Manchester Jul 10 35.91% 6,792 3,677 78,264 231 LDC (46%), management (54%)
Homeware designer and sourcer
55 95 Survitec Group Belfast Mar 10 35.32% 34,814 19,013 161,951 1,270 Warburg Pincus (>20%), management
Safety equipment maker
56 66 National Fostering Agency West London Mar 10 35.00% 10,260 5,630 53,908 200 Sovereign Capital (50%), Edwina Beech
Foster care agency (21%), Michael Lovett (21%), other staff (8%)
57 Deb Group Derbyshire Dec 09 34.43% 35,534 19,663 140,120 688 Charterhouse (80%), management
Skincare product maker (20%)
58 DC Leisure Management Surrey Mar 10 34.07% 13,648 7,593 103,858 1,871 Sovereign Capital (70%), management
Leisure facility operator (30%)
59 Apex Credit Management Stratford-upon- Dec 09 33.90% 3,620 2,019 24,007 195 Anacap Financial Partners (100%)
Debt purchaser Avon
60 Griffin Marine Travel Central London Dec 09 33.11% 12,673 7,152 24,751 503 Inflexion Private Equity (25%),
Marine travel agency management (75%)
61 Adapt Central London Jun 10 32.94% †3,137 1,775 †30,647 85 Private equity consortium (25%),
Managed services provider management (75%)
62 2 Callcredit Information Group Leeds Dec 09 31.75% 11,747 6,767 53,645 642 Vitruvian Partners (>50%), management
Business risk evaluator (<50%)
63 69 Wood Mackenzie Edinburgh Dec 09 31.42% 48,500 28,080 108,263 700 Charterhouse (77%), management and
Energy research consultancy staff (23%)
64 MandMDirect.com Herefordshire Feb 10 30.29% 14,299 8,423 107,822 588 TA Associates (78%), management
Online discount retailer (22%)
65 43 EIC West Midlands Dec 09 30.11% 7,830 4,625 93,287 617 MML Capital (67%), management (33%)
Building services provider
66 FMG Support Huddersfield Sep 09 29.93% 4,447 2,634 78,757 419 Spirit Capital Partners (40%), N Brown
Fleet management services provider (40%), other management (20%)
67 36 Frozen Value Barnsley Jan 10 29.78% 3,077 1,827 51,013 830 3i (40%), management (60%)
Value food retailer
68 Leaders Lettings Worthing Mar 10 29.73% 4,146 2,464 24,209 466 Bowmark Capital (71%), management
Residential letting agent (29%)
69 CastleCare Northamptonshire Dec 09 29.64% 3,419 2,034 20,247 456 Baird Capital Partners (72%),
Youth care homes operator management (26%)
70 Rosemont Pharmaceuticals Leeds Dec 09 29.45% 17,971 10,724 37,019 208 CBPE Capital (80%), management (20%)
Liquid pharmaceuticals manufacturer
71 The Original Factory Shop Burnley Mar 10 29.19% 14,892 8,923 116,853 2,500 Duke Street Capital (70%), management
Discount retailer (30%)
72 67 Castlebeck Darlington Dec 09 28.76% 31,266 *18,857 85,225 1,908 Lydian Capital Partners (80%),
Specialist healthcare provider management (20%)
73 Zenith Provecta Leeds Mar 10 28.63% 8,888 *5,372 125,387 157 Morgan Stanley Private Equity (60%),
Vehicle leasing services provider management (40%)
74 10 Wireless Infrastructure Group Lanarkshire Dec 09 28.18% 10,815 6,582 17,120 29 Royal Bank of Scotland Special Opportunities Fund
Wireless tower operator (43%), Penta Capital (22%), other investors (35%)
75 87 Dunlop Aircraft Tyres Birmingham Dec 09 27.69% 7,321 4,490 30,727 314 AAC Capital Partners (75%),
Aircraft tyre manufacturer management (25%)
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure † accounts not filed at Companies House
00
it
it
ea o
of
of
n eh
£0
11 10 tio y pr ar
pr
ny
fit
ial
les
20 20 ca l
00 pro
sh
00 ar
pa ivity lo c ua
sa
an
£0 e ye
k k
n n ff ain
£0 est
n m ct
st
Ra Ra Co A HQ Fin An St
a
te
M
Ba
La
La
76 96 National Accident Helpline Northamptonshire Dec 09 26.92% 9,026 5,603 29,028 54 LDC (30%), Inflexion Private Equity
Legal services marketing agency (30%), management (40%)
77 Civica Southwest London Sep 10 26.90% †28,705 17,826 †170,291 1,548 3i (74%), management (26%)
IT services provider
78 Arthouse Lancashire Dec 09 26.80% 3,564 2,216 20,827 50 Total Capital Partners (43%),
Home decoration supplier management (57%)
79 Innovia Films Cumbria Dec 09 26.75% 45,573 28,368 307,864 1,376 Candover (84%), management (16%)
Film manufacturer
80 i2 Cambridge Dec 09 26.62% 12,833 8,004 27,963 163 Silver Lake Sumeru (70%), York St Capital (6%),
Software developer Pennant Park (3%), management (3%), others (18%)
81 84 Teaching Personnel Welwyn Garden Nov 09 26.37% 5,728 3,587 46,337 192 Graphite Capital (64.5%), management
Supply teacher recruiter City (35.5%)
82 100 YO! Sushi Central London Nov 09 25.92% 6,361 4,012 41,700 1,149 Quilvest Private Equity (71%),
Japanese restaurant operator management (29%)
83 82 Dreams High Wycombe Dec 09 25.48% 25,121 15,955 243,570 1,774 Exponent (>50%), management (<50%)
Bed retailer
84 99p Stores Northampton Jan 10 25.31% 4,523 2,880 183,472 2,156 Lalani family (51%), Barclays Ventures
Discount retailer (25%), other (24%)
85 72 Microlease Northwest London Feb 10 25.26% 13,496 8,601 29,772 120 LDC (71%), management (29%)
Electronic equipment provider
86 Andrew Page Leeds May 10 25.24% 13,017 8,299 111,501 1,168 Phoenix Equity Partners (>50%),
Vehicle component distributor management (<50%)
87 Tobar Group Suffolk Jun 10 25.00% 3,274 2,095 51,915 488 Primary Capital (50%), management
Toy and gift retailer (50%)
88 Oyster Marine Ipswich Dec 09 24.92% 7,414 4,751 53,834 254 Balmoral Capital (99%), management
Yacht builder (1%)
89 Hotter Comfort Concept Lancashire Jan 10 24.88% 8,814 5,652 44,456 354 Gresham Private Equity (45%), S
Footwear retailer Houlgrave (45%), management (10%)
90 M&C Energy Group Fife Jun 10 24.77% †3,887 2,497 †25,473 330 Lyceum Capital (66%), management
Energy consultancy (33%)
91 Danwood Group Lincoln Sep 09 24.69% 17,423 11,207 194,072 1,295 Bregal Capital (40%), management
Office equipment supplier (60%)
92 27 Healthcare Homes Essex Sep 09 24.58% 5,787 3,729 28,997 942 Bowmark Capital (80%), management
Care provider (20%)
93 Anglian Group Norwich Mar 10 24.55% 14,739 9,501 209,228 2,056 Consortium of financial institutions
Home improvement products supplier (95%), management (5%)
94 Azzurri Communications Walsall Jun 10 24.33% †14,452 9,349 †141,056 721 Silverfleet Capital (65%), management
Telecoms services provider (35%)
95 Tuffnells Parcels Express Sheffield Dec 10 23.81% †11,400 *7,437 †103,100 1,800 Caird Capital (30%), management (70%)
Express parcel courier
96 BrightHouse Watford Mar 10 22.07% 34,091 22,879 197,327 1,825 Vision Capital (87%), management
Household goods retailer (13%)
97 Apogee Corporation Southwest London Dec 09 21.38% 6,125 4,157 32,505 136 Management (71%), LMS Capital (29%)
Document handling services provider
98 TJ Hughes Liverpool Jan 10 21.38% 12,782 8,676 266,710 4,189 Silverfleet Capital (85%), management
Department store operator (15%)
99 Kurt Geiger Central London Jan 10 20.57% 14,534 9,998 162,566 1,118 Graphite Capital (<50%), management
Shoe retailer (>50%)
100 Trafficmaster Bedfordshire Dec 09 20.57% 13,621 9,370 57,466 524 Vector Capital (100%)
Fleet management software provider
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure † accounts not filed at Companies House
10 Biggest
Breakdown
Please see the full 10 Biggest league table on the following page.
nd s
er
it
re
of
ld
t
§ ofi
o
pr
a
fit
s
n ye eh
ale
10 09
th pr
ro
ar
ny io l ar
at
00 t p
00 ye
00 t s
20 20 cia
ow al
pa ivity loc sh
gr nnu
ile
£0 tes
£0 tes
£0 se
nk nk m t an af
f
ain of
Ba
La
Fin
La
Ra Ra Co Ac HQ
A
St M Pr
1 Marken Dec 09 101.27% 73,443 *18,131 154,383 360 Apax Partners(67%), Marken transports biological samples, vaccines and clinical trial
Pharmaceutical logistics provider management (33%) material around the world for the pharmaceutical industry. The
West London company was founded in 1980 and now has operations in North
America, Europe, the Asia Pacific, Latin America, and Africa. Apax
Partners backed a £975m tertiary buyout from Intermediate Capital
Group in December 2009.
2 Markit Dec 09 82.56% 116,877 35,067 305,392 1,389 Employees, General Markit is a global financial information services company which
Financial information provider Atlantic and other provides independent data, valuations and trade processing
Central London financial institutions services for the over-the-counter markets across asset classes
including credit, equities, interest rates, foreign exchange,
structured finance, commodities and environmental markets.
Financial institutions hold a majority stake. General Atlantic paid a
reported $250m for a 7.5% stake in January 2010.
3 3 R&R Ice Cream Dec 09 69.70% 65,376 22,702 367,601 1,875 Oaktree Capital (83%), R&R operates eight factories across Europe that produce 730m
Ice cream manufacturer management (17%) litres of ice cream per annum. It manufactures a broad range
North Yorkshire of own label ice cream products for several leading European
supermarket chains and has manufacturing and distribution
agreements with several brand owners, including Nestlé and Mars.
Oaktree Capital delisted the group in 2006 for £182m.
4 Infinis Mar 10 52.85% 71,770 30,720 143,434 454 Terra Firma Capital Infinis is Britain's leading generator of purely renewable power
Renewable energy generator Partners (100%) and is also the largest generator for the landfill gas-to-electricity
Northampton market. It claims to produce approximately 10% of the UK’s
renewable power, and about 0.7% of total electricity supply. In
2006, Terra Firma spun Infinis out of WRG, the waste management
company it took private for £531m in 2003.
5 7 Spire Healthcare Dec 09 38.41% 150,383 78,500 619,992 6,284 Cinven, management This company says it is the second-biggest operator of private
Private hospital operator hospitals in Britain. It has 37 hospitals with a total of 1,935 beds.
Central London The company was formed in 2007 when Cinven, the private-equity
firm, backed the £1.4bn acquisition of 25 former Bupa hospitals.
6 Barchester Healthcare Dec 09 29.03% 50,826 30,528 413,115 14,127 Grove Investments Mike Parsons set up this company in 1993 and it now runs more
Care home operator (100%) than 200 nursing homes, caring for more than 10,000 people, and
West London offering dementia care and assisted living as well as support for
younger people with disabilities. Irish entrepreneurs John Magnier,
JP McManus and Dermot Desmond acquired the business in 1994
for an undisclosed amount.
7 Vue Entertainment Nov 09 24.89% 57,979 37,171 271,952 3,069 Doughty Hanson (73%), Vue's 70 cinemas attract in excess of 37m customers every year
Cinema operator management (27%) and a further 10 sites are expected to open over the next three
West London years. Formed in 2003 when SBC International bought 36 cinemas
from Warner Village for £250m, the company was sold to Doughty
Hanson in November for a reported £450m including debt.
8 Airwave Jun 10 22.33% †192,759 *128,813 †413,227 866 Macquarie European Airwave's core business is supplying the emergency services with
Emergency communications provider infrastructure fund (50%), secure digital radio communication systems. In 2007, Macquarie
Slough Canadian Pension Plan paid Telefonica £1.9 billion for the firm. In 2009, the listed
Investment Board (50%) Macquarie fund MCG, which owned 50% of the business, was
then acquired by Canada Pension Plan.
9 Harrods Jan 10 21.60% 86,500 58,500 519,800 3,314 Qatar Holding (100%) Harrods says its Knightsbridge site is Britain’s largest shop, selling
Department store operator an array of fashion, food, jewellery, beauty items and luxury
Central London goods. Other enterprises within the Harrods brand include
property, aircraft sales and a number of smaller outlets in overseas
department stores and airports. Qatar Holdings bought Harrods
from Mohamed Al-Fayed for a reported £1.5bn last May.
10 Enterprise Dec 09 20.32% 84,400 58,300 1,060,200 8,515 3i (57%), Equiom Enterprise works from more than 150 sites across Britain and
Maintenance services provider Trust Company (23%), Ireland, providing infrastructure maintenance for the likes of the
Lancashire management and staff Highways Agency, United Utilities and the MoD. In 2007, 3i backed
(20%) a £594m public-to-private deal, led by former and current chief
executives Owen McLaughlin and Neil Kirkby. Later that year,
Enterprise bought its competitor, Accord, for £195m.
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure † accounts not filed at Companies House
METHODOLOGY
Qualification criteria
• Registered in the UK, unquoted and not subsidiaries
• EBITDA more than £3m in latest accounts (2009 or 2010)
• EBITDA more than £1m in base year accounts (2007 or 2008)
• EBITDA in latest year more than EBITDA in penultimate year
• Private equity stake of at least 20%
• Latest sales of at least £10m (2009 or 2010)
• More than 25 trading weeks in the base and final years
• Excluded companies include LLPs, pure property and financial
trading companies
• Companies with latest EBITDA of more than £50m feature in
the separate 10 Biggest table with the fastest-growing profits
Research approach
The research was conducted by the Fast Track research team
primarily between 1 September 2010 and 1 January 2011. The
companies have been interviewed by telephone by the Fast Track
research team, and many were visited during the research process.
Disclaimers
Companies are not endorsed, guaranteed or recommended by
Fast Track or its sponsors. They are not necessarily the best-run
companies, but are ranked on historical profit growth.
With 12,000 people across the UK, Deloitte is renowned for its
innovation, collaboration, industry expertise, and outstanding
client service. Our depth of talent across our chosen disciplines
– audit, tax, consulting and corporate finance – allows us
to deliver a total solution to our clients, whatever their size,
location or need.
Mark Pacitti
Head of London Corporate
Finance Advisory www.deloitte.co.uk
www.skillcapital.com
Tim Macready
Chief executive officer
The Sunday Times has been Fast Track's media partner for 14 years.
www.thesundaytimes.co.uk
BACKGROUND
Steve Beever
Steve is responsible for managing the Buyout Track 100. He
is a chartered accountant and previously worked in Deloitte's
Reorganisation Services practice in London. He has a degree in
business administration from Cardiff University.
Dr Hamish Stevenson
Hamish owns and runs Fast Track, which he founded in 1997,
after securing cornerstone sponsorship from Sir Richard Branson.
He works closely with media partners, sponsors and leading
entrepreneurs. He holds an associate fellowship at Green
Templeton College, Oxford University.
Contact details
Fast Track
Angel Court
81 St Clements
Oxford
OX4 1AW
Email: info@fasttrack.co.uk
Web: www.fasttrack.co.uk