Ward Hadaway praised on Weird Fish MBO
03rd May 2017
ADVISERS from law firm Ward Hadaway have been praised for their role in the secondary management buy-out of an outdoor clothing company.
Corporate, employment, commercial and property lawyers from the Newcastle office of the UK Top 100 firm provided legal advice to private equity firm Total Capital Partners on its backing of the secondary MBO of Weird Fish from specialist investor Piper Private Equity.
Based in Cheltenham, Weird Fish has a mix of wholesale, retail and online operations with 12 stores and 13 concessions based in UK holiday destinations.
The business generated revenues of more than £18m in 2016 – a 25% increase on its 2014 performance.
Under the terms of the transaction, Total Capital will provide a mix of equity and debt funding to Weird Fish and will hold a 70% stake alongside management who are reinvesting in the business.
The investment will enable the company to open new stores in selected UK holiday locations and further expand its product range.
Ward Hadaway Corporate Partner Katherine Hay-Heddle led the firm’s team advising Total Capital Partners on the transaction.
Katherine said: “We are delighted to have assisted Total Capital Partners on backing the secondary management buy-out of Weird Fish.
“Having worked with the team at Total Capital Partners on a number of deals over the past few years, we were able to use our experience and specialist expertise to ensure a successful transaction was concluded.
“We wish everyone involved at Weird Fish the very best for what promises to be an exciting future for the company as it looks to expand further.”
Paul Brown of Total Capital Partners said: “Katherine and the team at Ward Hadaway did an excellent and thoroughly professional job in advising on this investment.
“Weird Fish is in a strong position to take advantage of the current trend towards active and outdoor lifestyles.
“This makes it the right time for the business to expand, with fresh funding and the support of a new growth partner behind it.”