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Key Capital Partners to invest in Pandora Books expansion

Pandora Books, the leading supplier of book collections to schools, has been acquired by Martin Green, the Managing Director, and Key Capital Partners (“KCP”), the Cambridge-based private equity group, for an undisclosed sum.

The business, founded by Nick and Mike Ison in King’s Lynn in 1987, has seen significant growth in recent years as its catalogue business has complemented the service provided to schools by Pandora’s sales operations. The KCP investment is designed to accelerate further growth through these channels and a new specialist website.

Martin Green said “The Pandora team are very excited at the opportunities made possible by the KCP investment. We have just recruited a new Internet Marketing Manager, who will shortly be joined by new Sales & Marketing and Finance Directors to replace the retiring partners. We are also finalising plans for expanding our offices and warehouse to support the ongoing growth of the business.”

Trevor Goul-Wheeker has been appointed Non-Executive Chairman. Previously with Hammicks Bookshops and WH Smith, Trevor said, “It is good to return to the book trade and even better to be associated with a business as successful as Pandora. I look forward to supporting the management team to achieve their exciting growth plans and would hope that these may be complemented by selective acquisitions.”

Owen Trotter, Partner at KCP, who will also join the board as Non-Executive Director, added, “We are very pleased to have been able to invest in Pandora and its management at such an exciting stage in its development. The Ison family together with Martin have built a strong business and have identified a number of attractive opportunities for further growth.”

Senior Debt and working capital facilities for the deal were provided by Yorkshire Bank (Ian Mansell and Ian Howey - Directors, Specialist & Acquisition Finance, Midlands), who commented “we are delighted to have again worked with Owen and KCP, in supporting their latest investment. Pandora operates in an interesting niche sector and we look forward to supporting Martin, Trevor and KCP achieve their targeted plans to take this business forward.”

Keith Ferguson Partner at PKF UK LLP and Craig Hodgson Partner at Mills and Reeve LLP advising the vendors commented ''we know how proud Nick Ison is of the business and he is very pleased that it is passing into safe hands with new owners who have a clear view of how they will take the business onto the next stage of its development.''

KCP were advised by Grant Thornton (Chris Key and Mark Gillings), AMR (Peter Howson) and Birketts LLP, Cambridge (Adrian Seagers and Nick Burt). The vendors were advised by PKF (UK) LLP (Keith Ferguson and Mathew King) and Mills and Reeve LLP (Craig Hodgson). The Bank was advised by Martineau Johnson (David Doogan).

ENDS
Press contact Chris McCrudden @ MC2 – 0161 2361352