Luminii provides CDD to Rockpool on their recent investment in Primrose

28 Sep 2018 /

Luminii Consulting is delighted to have provided Commercial Due Diligence (CDD) support to Rockpool Investments on its recent investment in Primrose, Europe's largest online-only garden products retailer.

Founded in 2003, Primrose offers consumers a market-leading range of over 10,000 garden and outdoor leisure products from ranges including water features, awnings, sail shades, pest control products, planters and screening.

Primrose primarily sources its products from a network of suppliers based in the Far East and sells direct to consumers (D2C) via its UK and European websites. The company generates half of its sales to UK consumers, a quarter to European customers and the remainder through intermediary websites. Primrose grew revenues to £38m and EBITDA to £2.5m in the year to October 2017.

The acquisition sees Rockpool become the majority owner of the new group, with the management team investing in a significant stake. Mark Pearson, previously chief executive of Gardman Group and Solus Garden & Leisure, led the management buyout and has been appointed as Primrose’s new CEO. The company’s board has been further strengthened by the appointment of David Brock as non-executive chairman and Simon Baker as chief financial officer.

“Lushani and her team at Luminii delivered a high quality CDD report that exceeded our expectations. We were particularly pleased with the post deal recommendations and informed opinions contained within the report. We wouldn’t hesitate to use Luminii’s services again on future projects.” - Rockpool Investments

"It was a pleasure to support Rockpool on this deal and we wish them and Primrose's Management Team continued success for the future. Luminii Consulting has worked on five online retail transactions during the past 3 months, and this deal helps to distinguish our leading presence within the online retail and direct-to-consumer (D2C) sectors." - Lushani Kodituwakku, Managing Director, Luminii Consulting

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