Management team steps in at Paladone Products

Sussex-based novelty gift supplier Paladone Products Limited has been sold to its management team for an undisclosed sum.

EMC Corporate Finance directors Nik Askaroff and Terry Rainback acted for the members of the Boon family – brothers Lawrence, Dominic and Paul – in the institutionally-backed sale.

They started the business, based in Shoreham, 13 years ago and developed it into one of the country’s biggest players in this part of the retail sector. Its innovative novelty gifts, many of which are exclusive to Paladone, are sold in most high street stores, 2,000 independent outlets and exported to more than 30 countries.

EMC’s Terry Rainback said: “The sale is a defining moment in the company’s life. By selling to the management team now, the owners have recognised the potential there is for the management to drive the business forward while they concentrate on their other business interests. Both Paladone and the sector it is in have great potential for continued growth.

“The South East is full of successful entrepreneurs and high-growth businesses competing on a national and international scale, and we are delighted to have been involved, yet again, in helping another to move forward.”

Lawrence Boon added: “After 13 years building up a family company, it was always going to be difficult to let go. Having a group of companies so intertwined with shared resources didn’t make things any easier. It was important for us to choose the right advisors and we have been more than impressed with the guidance and assistance we received since day one from EMC.

“My tip to other would-be sellers or purchasers would be to engage advisors as early as possible in the process – the earlier the better. Our first meetings with Nik Askaroff were more than a year before we started the marketing process. We would never have completed the deal without the quality advice and experience that EMC brought to our table.”