Barclays Private Equity realises investment in Salter Housewares
Barclays Private Equity, a leading European mid-market private equity house, has sold Salter Housewares, the pre-eminent manufacturer of kitchen and bathroom scales and other houseware products to HoMedics, the US-based personal wellness company. Barclays Private Equity has generated an IRR of approximately 70 per cent. The terms of the transaction were not disclosed.
Salter Housewares, founded in the late 1700s in Bilston, England by Richard Salter, was bought-out by management in early 2002, backed by Barclays Private Equity. Based in Tonbridge, Kent, Salter Housewares generates sales in 100 countries worldwide, including the United States and Canada. In 1897, Salter invented the UK’s first personal weight scale.
Salter will operate as an independent business, retaining its current management team as well as the Salter brand name. The acquisition provides HoMedics with a unique platform to enter the European housewares and wellness market and achieve its ambitious growth targets.
HoMedics and Salter Housewares products are available at major department and mass-market stores, with Salter additionally selling through high-end gourmet and speciality outlets.
Rob Myers, who led Barclays Private Equity’s investment in Salter, commented: "Salter has been an extremely successful investment for Barclays Private Equity. The business has developed significantly since we backed the MBO in early 2002 by virtue of a first class management team who have implemented major operational improvements and significantly enhanced the Salter brand. Salter was the first investment made by our pan-European mid-market buy-out fund and is the first exit. This realisation is a clear demonstration of how our well-defined investment strategy can generate highly attractive returns." p>
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