Dartboard and dart manufacturer Nodor Group has been majority acquired by leading European mid-market private equity firm Inflexion as it targets further expansion..
The Bridgend headquartered and family-run business, which employs more than 1,000 across three continents and exports to more than 100 countries, were advised on the deal by Cardiff-based corporate advisory firm Gambit.
The exact value of the deal has not been disclosed, although Inflexion has an investment mandate range from £25m to £500m. The deal is the biggest equity investment into a Welsh headquartered firm this year
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The Nodor Group was founded over 100 years ago and is the largest collection of premium darts equipment brands in the world.
Its Red Dragon darts are used by many leading professional players including Luke Humphries and Welshman Gerwyn Price, while its Winmau dartboards are used exclusively by the Professional Darts Corporation (PDC) and the title sponsor at the PDC World Masters.
On the back of the investment Nodor, which employs 100 at it headquarters in Bridgend, with its factory in Kenya, is looking to exploit the growing popularity of the game of darts and digitisation with players now able to compete remotely with hi-tech boards and apps. The US market in particular has been identified by Nodor as having huge growth potential.
Last year Nodor generated sales of £48m and is tracking £70m this year.
Vince Bluck, managing director at Nodor, said:“Inflexion’s experience in developing marketing leading businesses will ensure Nodor is well positioned to continue to be a driving force in the rapidly growing darts market. We are excited about what we can achieve together and look forward to bringing the sport to even more people across the world.”
Earlier this year Nodor was awarded with the King’s Award for Enterprise for International Trade recognising its global excellence.
Flor Kassai, partner and head of buyout fund at Inflexion, said: “We are delighted to be backing the existing family led management team at Nodor Group, a company at the forefront of the darts industry that exemplifies innovation and excellence. Inflexion’s experience in growing businesses globally aligns perfectly with Nodor’s ambitious goals. We look forward to working with the talented team at Nodor to help them to capitalise on the sports’ growing appeal.”
Tom Pemberton, head of consumer at Inflexion, said, “Nodor Group is exactly the kind of business that we look for in the consumer space. They are true market leaders with a globally admired brand, cutting-edge products and an amazingly loyal customer base. With a platform like this already in place, we can’t wait to help make the business an even greater global success story.”
Gambit acted as lead advisors and were responsible for initiating, structuring, negotiating and project managing the transaction. The merger and acquisition team at Gambit was lead by partners Frank Holmes and Sam Forman.
Mr Holmes said “It is rare to have the chance to work with ‘the’ world’s leading brand within a given sector and the Nodor Group is undeniably that in the darts world. The Bluck family has anchored the company and its brands at the forefront of the sport with a worldwide presence, whilst constantly driving innovation and quality.
"This is a uniquely exciting time for the sport of darts and for the Nodor Group to continue to build on its legacy and reach new heights alongside an equally accomplished partner in Inflexion. We are pleased to be able to play a part in what is already a huge success story and even more eager to see what comes next.”
Sam Forman, partner at Gambit, added, “It has been a pleasure to work with Vince, Fiona, Alex and the whole Nodor team. What they have created over multi-generations is truly world leading. It was imperative to find a partner that shared the same vision and enthusiasm in the opportunities that lie ahead for the company and the sport of darts.
"Maintaining the legacy and reputation of the brands with recognition from the likes of PDC, numerous world champions and number ones and loyal customers is just as important. The partnership between Nodor and Inflexion is a perfect match and paves a way for the business to go to the next level on the global stage.”
Legal advice to the shareholders was provided by Osborne Clarke with KPMG supporting on tax related matters.
