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Matrix Private Equity has invested a total of £8 million from its five VCTs after backing the management buy-outs (MBOs) of Pinewood Structures, a timber frame manufacturer, and Racoon International, a supplier of hair extensions.

Matrix financed the £14 million MBO of Pinewood, acquiring a 37 per cent stake for a £4.4 million investment in the business; senior debt was provided by the Bank of Ireland. The deal was introduced to Matrix by Baker Tilly, who acted as advisers to management and project managed the transaction.

Pinewood is a supply chain manager, partnering house-builders, including Wimpey/Laing and Persimmon in developing affordable timber frame housing.

Matrix also backed the £6 million deal with Racoon International. The firm invested £3.6 million to acquire a significant minority stake and was supported by senior debt from Barclays Bank.

This second deal was introduced to Matrix by Clearwater Corporate Finance, who acted as advisers to management and project managed the transaction.

Racoon provides products and training to over 2,000 salons, including Saks and Essensuals.

The separate MBOs bring Matrix’s tally of investments throughout last year to eight with an aggregate value of £65 million. The firm backs entrepreneurial management teams wishing to buy businesses valued between £5 million and £20 million.

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