Sentio Partners has advised the management team of Camira Group (“Camira”) in relation to securing new investment from Chicago and London-based Pricoa Capital Group, part of the Prudential Insurance Company of America.
This has resulted in the exit of Cavendish Square Partners, after nine years extending back to 2006 when Camira was formed following a management buyout from US flooring specialist Interface. The existing senior management team continues to retain a majority stake in the company and is targeting further international expansion.
Mirfield-headquartered Camira, a Queen’s Award-winning textile manufacturer of fabrics for commercial interiors and mass passenger transport, has also achieved its best-ever financial performance for the year ended 31 December 2014, selling 8.2 million metres of fabric to 68 countries worldwide and posting double-digit growth in both turnover and profitability. Camira’s turnover reached £68m in 2014, up 12 per cent on 2013, fuelled by strong growth across the company’s contract, transport and healthcare divisions in the UK, Europe, Asia Pacific and North America. EBITDA reached £7.4m, an increase of 14 per cent compared to 2013.
Camira chairman and chief executive Steve Bullas, who will continue in the role, said: “Pricoa Capital is a respected, global, blue-chip organisation and we’re delighted to be working with them as our long-term investment partner to support our ambitious growth prospects and capital expenditure in UK manufacturing.”
Andy Miller, partner at Sentio, advised Camira and its management team on the terms of the new investment, added: “We are delighted to have advised the team through a complex process that has resulted in securing a funding partner in Pricoa that has a great strategic fit with the business and will provide strong financial and commercial support to Camira through the next stage of its international growth and expansion.”