The Quercus team, led by Andrew Clegg and Nick Standen, originated, structured and sourced the funding for the buy out of Rowan which operates in the discount retail channel.
The buy-out was led by existing directors, John Place and Duncan Mastin, and provides an exit for the three founder shareholders. Pascal Wittet led the investment for Connection Capital and joins the Board alongside incoming chairman, John Cleland.
Rowan sources, stocks and distributes a wide range of FMCG products that are considered by suppliers not right for the usual channels, such as the major multiples and convenience chains, and sells these products largely into the fast growing discount retail channel in the UK and mainland Europe.
Rowan’s leading position in the market is built on a 30-year track record and its reputation as renowned experts in a specialist field, its professionalism in maintaining brand integrity for suppliers and its speed and flexibility.
Financial details have not been disclosed.
Andrew Clegg, Quercus Partner said:
“This is a wonderful result for John and Duncan who are passionate about their business. Rowan is ideally placed to grow further in the UK and across mainland Europe and I am delighted that the team’s exciting vision has attracted support from Connection Capital.”
John Place, Rowan CEO, added:
“It has been a pleasure working with Quercus. Duncan and I have known Andy and Nick for many years and we are really pleased to have benefited from their wise counsel and deep private equity experience. These are exciting times for Rowan and we very much look forward to working with the Connection Capital team to drive the business forward.”