Hair and beauty products group Adel Professional has been acquired by one of its controlling partners in a deal involving Bank of Scotland Commercial Banking and BHP Corporate Finance.
Derek Kemp has taken full control of the firm he and Roger Tyler acquired in a buy-in management buy-out (“BIMBO”) six years ago.
Adel, based on Roman Ridge Road, Sheffield, has nine branches across Yorkshire, the Humber and Derbyshire in addition to selling through the Internet.
The company has grown substantially since the buy-in thanks to a combination of continuing investment in existing and new sites, expanding its range, developing its online presence and internal efficiencies.
Although Roger Tyler is stepping down as managing director, he will continue to work as a consultant for the firm.
Adel has been gearing up for the change in ownership by strengthening its management team, with the recruitment of Eddie McDermott, who becomes managing director, sales director Deborah Dickinson and marketing manager Bethany Rees.
BHP Corporate Finance’s Kevin Davies said: “We have worked closely with the company in its development since advising Derek and Roger on the original BIMBO in 2007, and have been delighted to assist in this latest transaction.
“The company has delivered on every target that was set out in the original strategic plan and as a result has a strong foundation for its future growth – I am confident that the business will continue to forge ahead with the new team in place.”
Bank of Scotland’s Andy Cocker said: “This is an excellent management team whom we strongly believe in. The business has continued to grow year on year and the provision of the bank facilities demonstrates our absolute confidence in the management team.”
News of the deal, for an undisclosed sum, comes on the eve of the publication of the annual rankings of the Sheffield City Region’s Top 100 Companies, produced by Star Business and BHP Corporate Finance’s parent group, Barber Harrison & Platt.
n The Top 100 appears free in The Star tomorrow.