Livingstone 'pulls off' a £42 million buy-out with Tobar transaction
September 2006
Private Equity firm Primary Capital has invested in multi-channel toy retailer Tobar Group Ltd in a £42 million transaction jointly originated with Livingstone.
Tobar is a unique business. Founded in 1973, it sells “things you thought had gone for ever, things you never even knew existed”, a collection of hundreds of gifts and gadgets ranging from the traditional to the obscure.
Tobar owns the Hawkin’s Bazaar retail and mail order businesses, with 22 shops across the UK and plans to open 15 more by the end of 2006 and a further 100 over the next 5 years. Hawkin’s Bazaar also has an active mail-order and website presence. Primary’s investment will back expansion of all of these channels over the coming years.
Toby Templer, Managing Director of Tobar, commented “Primary’s investment will help us transform Tobar from a wholesale and mail-order led business into a multi-site, multi-channel retailer with a significant high street presence.” As a company, we are determined not to lose our character and sense of fun. We chose to work with Primary because they understand what makes us unique, and are keen to retain this as the business continues to develop”.
Primary have taken a 50% stake in the company. Lloyds TSB Acquisition Finance provided £21.5m of senior facilities to the transaction. The deal was originated by Livingstone Guarantee’s Leisure and Retail team working closely with Primary.
James Lever comments “This is the second deal that we have originated with Primary in the last 12 months. We are delighted to have unlocked the opportunity for Primary to invest in Tobar and to support Toby Templar in his further expansion of the Group across the UK”.
James Lever, Partner
Tel: 020 7484 4711
Email: jlever@livingstonepartners.co.uk
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