Vans Direct
Convex Capital led, structured and originated the sale of Vans Direct Limited, a well-established on-line new vans retailer, based in Newport, South Wales. Founded in 1999, the management team built a successful on-line, van retailing business, putting customers first and winning the ‘Best Van Broker’ award from the Leasing Broker Federation for the last three years (2016, 2017 and 2018).
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.
