Sentio has advised the founders of High Street TV on their secondary management buyout, backed by Endless, as they seek to develop the business into a global multi-channel retailer.
Using television shopping channels as its core platform, High Street TV (HSTV) sells licensed and own branded products both in the UK and abroad. The management buyout is being led by the two founding executives, Andrew Malcher and Jim Coleman, who were originally supported by various private investors led by Gordon Black, formerly chairman at Peter Black Holdings.
HSTV has grown rapidly since being established in 2008 and expects to generate annual sales of £70m and EBITDA of £10m this year. The company is best known for bringing Nutribullet to the UK market and introducing products such as the X-Hose, Zumba, Genie Bra and Shakeweight.
Mr Malcher, co-founder and executive chairman, said: “Following our rapid growth in sales and profitability, we are extremely proud to have agreed backing to assist HSTV in maximising its potential. Endless provide us with tremendous experience and financial resource that will enable us to develop into a substantial global business. We are excited about continued organic growth in the UK and overseas, in addition to strategic acquisitions where Endless will add further experience and opportunity.”
As well as television channels , the business also sells online, via print and its licensed products are available at more than 4,500 retail outlets across 35 retail groups including Argos, Asda, John Lewis and Selfridges.
Under its next stage of ownership, management plan to develop HSTV into a “truly global multi-channel retailer” and build on its new product development capabilities.
Garry Wilson, partner at Endless, said: “Andrew and Jim are two remarkable entrepreneurs who have built an incredible business under the tutelage of Gordon Black CBE and surrounded themselves with a great team in Harrogate. High Street TV is clearly the market leader in multi-channel, direct response TV and the trusted partner for businesses who want to launch innovative products into the UK and international markets.”
Commenting on the deal Dave Irwin, partner at Sentio, said “we are delighted to have worked with Andrew and Jim at High Street TV and to have helped secure a significant investment from Endless. High Street TV is an exciting business which has already achieved remarkable success under Andrew’s and Jim’s leadership, but with the experience and resources of Endless behind them, the business now has a huge opportunity to move forward to even greater success”.
Dave Irwin and Andy Barlow at Sentio advised High Street TV on the deal.
