Sun European Partners, LLP (“Sun European Partners” or “Sun European”), a leading private investment advisory firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, today announced that its affiliate has signed a definitive agreement to sell Sharps (“the Company” or “Sharps”), a market leader in fitted bedroom and home office storage solutions to funds advised by Epiris LLP.
Founded in 1973 and headquartered in Bilston, West Midlands, Sharps operates a strong omnichannel model, reaching its customers primarily through its robust digital channels with a complementary and supporting showroom footprint across the UK.
Kevin Smith, Chief Executive Officer of Sharps, said, “Our partnership with the Sun European team has been a great success. We are extremely proud that, today, Sharps is the number one market player in the bespoke fitted bedroom furniture market.
“At Sharps, we focus on delivering a customer-first strategy with our bespoke fitted furniture products, providing unique, space-efficient solutions. This focus, combined with Sun European’s strong operations team and capabilities, has enabled us to establish Sharps as the well-known and highly regarded brand it is today.”
During its ownership, together with the Sharps management team, Sun European made significant operational improvements at the Company. Sun European and management continued Sharps’ track record of new product development whilst in parallel, swiftly adapted to changing market dynamics throughout. Together with a structural move towards direct-to-consumer sales and advertising, these improvements enabled Sharp’s consistent growth over the past decade. Sun European’s deep operational experience allowed Sharps to capitalise on these changing consumer habits, supporting both showrooms and its fast-growing e-commerce offering.
Paul Daccus, Managing Director, Sun European Partners, LLP, said, “We have thoroughly enjoyed our partnership with Sharps and working alongside its experienced and highly motivated management team with an exemplary historical track-record of growth. Operating in an attractive growing market, Sharps’ unparalleled product offering and customer-centric sales model, coupled with our operational experience, has enabled the business to significantly increase its brand recognition and solidify its market leading position. We are extremely pleased to have achieved such a positive outcome for Sharps and Sun’s investors.
“Having recently announced the sale of Dreams, the leading bed and mattress specialist in the UK, we are delighted that we have been able to rejuvenate the Sharps brand into the UK’s best-known fitted furniture brand. We are confident that the Sharps team will continue its growth trajectory and success under its new ownership.”
Sun European received M&A and debt advice from DC Advisory, legal advice from DLA Piper, financial due diligence and tax services from FTI Consulting and commercial advice from PwC.
Candice Adam / Monique Perks
07771 906 073 / 0780 576 271