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5 August 2022
Literacy Capital plc ("Literacy Capital" or the "Company")
Literacy Capital completes acquisition of Ashleigh & Burwood
New investment
Literacy Capital is pleased to announce that on 1 August 2022 it completed its acquisition of Ashleigh & Burwood, a leading independent UK-based home fragrance manufacturer.
Literacy Capital has acquired a majority stake, with further financial terms remaining undisclosed.
Literacy Capital completes acquisition of Ashleigh & Burwood
Literacy Capital has completed its acquisition of Ashleigh & Burwood, a leading independent UK-based fragrance products manufacturer.
Founded in 1993 by father and son, John and Andrew Nettleton, Ashleigh & Burwood is named after two nearby aristocratic estates, Ashley Park and Burwood Park. From its base in West Molesey, Surrey, the business designs and manufactures both branded and white-label fragrance products including candles, room sprays, and reed diffusers, predominantly for the home. Around 40% of sales are international, with a strong and growing presence in Europe, the U.S., and Japan.
Tony Buffin joins the business at completion as Non-Executive Chairman. He brings a wealth of consumer industry experience having successfully led Holland & Barrett as CEO and previously serving as CFO at Travis Perkins and Coles Group in Australia. In addition, Jed Kenrick will join the company as Chief Operating Officer. He will help to scale-up operations; he previously served in similar roles at Dyson and Travis Perkins.
The investment allows Literacy Capital to help to build on the impressive growth to date, broadening brand awareness with an increased focus on sales and marketing and an opportunity to scale further via bolt-on acquisitions.
The transaction represents Literacy Capital's twentieth platform investment completed since the inception of the fund in September 2017, its fourth since the fund was listed on the London Stock Exchange in June 2021 and second of this calendar year. Literacy Capital has also supported its portfolio companies in completing five bolt-on acquisitions this calendar year.
Enquiries
Singer Capital Markets Securities Limited:
Robert Peel / Amanda Gray
+44 (0) 20 7496 3000
Literacy Capital plc / Literacy Capital Asset Management LLP:
Tom Vernon
+44 (0) 20 3960 0280
LEI: 2549006P3DFN5HLFGR54
A copy of this announcement will be available on the Company's website at https://www.literacycapital.com/.
The information contained in this announcement regarding the Company's investments has been provided by the relevant underlying portfolio company and has not been independently verified by the Company.
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