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Yesterday the shareholders of schoolwear specialist, Blue Max Group, announced the sale of the business.
The buyout was led by Blue Max Banner’s managing director Nigel Plenderleith, which was backed by growth capital investor, MML Capital Partners.
Nigel Plenderleith, who will continue as managing director under the new ownership, said: “MML was our preferred investment partner because they promised long term commitment and investment in the business. The MML team are also flexible in their approach and will allow us to get on with the job – so it’s very much business as usual from this morning.”
Luke Jones from MML said: “We invest in businesses as a partner alongside management and allow them to take the next step on their journey by investing in strategic opportunities that add value to the business. The Blue Max Group is a successful well run business and we are delighted to be part of its future in an expanding schoolwear market.”
Blue Max, founded by Mary Fawcus in 1987, has been majority owned by the Fawcus family since its inception. Mary Fawcus, and her husband and former CEO David Fawcus, will be retiring from the business. Their daughter Fenella will also be leaving to pursue other interests.
David Fawcus commented: “Blue Max has been an incredible journey. We feel that allowing the management to take the business forward is the correct thing to do. We have been closely involved in the process to ensure that there is adequate investment to maintain our core principles. We wish Nigel every success with the business and we are delighted to be able to hand over the reins to him.”
The new senior management team and board of directors will be announced in the coming weeks.
The price of the buyout has not been disclosed.
