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Rutland completes £51.5 million deal
Private equity firm Rutland Partners has bought Pulse Home Products, a leading UK supplier of branded domestic appliances, for £51.5 million from consumer goods group Alba plc.
Rutland invested some £25 million in the deal through Rutland Fund II, while CIT Capital Finance (UK) arranged and underwrote £53 million of debt to fund the balance of the acquisition and provide significant additional working facilities.
CIT’s senior managing director, Graham Randell, said: “The ability to support an experienced private equity sponsor such as Rutland in its aim to transition Pulse to a state of independence is testament to the substantial in-house expertise of CIT’s team and in particular it demonstrates our commitment to management buy-outs in the middle market at a time of extreme market volatility.”
With Rutland’s backing Pulse’s management, which is led by chief executive David Allen, plan to grow the company having transitioned it to a truly stand-alone business.
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