Home and garden retailer Coopers sold to Damartex for £25m
Exit to European clothing giant follows strong sales revenues for family-run business
Coopers of Stortford, the multi-channel home and garden retailer specialising in the senior market, has been sold to leading European clothing distributor The Damartex Group in a deal worth £25m.
Founded in 1995 by Neil Cooper, Coopers specialises in selling its own-brand products for home, garden, cooking and leisure use through catalogues, online or its retail store.
Its offering is particularly targeted at the UK’s affluent seniors or ‘grey pound’ market which is estimated to account for 80% of all disposable spending in the UK.
The sale to Damartex follows especially strong financials in recent years for the company which saw sales revenues of £29.6m in 2012 with EBITDA of £3.7m.
France-based Damartex is one of Europe’s leading multi-channel retail distributors for the senior market with markets in France, Britain and Belgium.
Damartex’s acquisition of the company is part of a wider strategy to amass a portfolio of European brands targeted at the senior market.
Coopers’ founder Neil Cooper will mark a successful exit by stepping down from the company after 18 years as part of the deal.
The deal was led by Jonathan Buxton of mergers and acquisitions specialist Cavendish Corporate Partners, who commented: “Coopers has performed well in very demanding retail market where consumer spending has been under severe pressure. Its focus on the power of the grey pound, which makes up 80% of all UK disposable spending, has helped it continue to expand and has paid off handsomely.
“Coopers has huge potential for further significant growth targeting the senior market and working in conjunction with its new parent to expand its database and increase its range and offer.”