For the year ended 31 October 2017, Vans Direct reported revenues of £34.6m, a gross margin of 11.7% and EBITDA of £1.2m. The deal value was undisclosed, but the deal was structured to ensure a large proportion of the consideration was payable on completion, with an earn-out resulting in additional consideration being paid in the event that future profit targets are exceeded.
The deal was structured and negotiated to secure the day-to-day exit of the Shareholders from the Business, as well as their appointment as non-executive directors moving forward.
The Convex deal team comprised Mike Driver and Isaac Asamoah.
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