SECTOR

Manufacturing

BUSINESS DESCRIPTION

UK-based manufacturer of a variety of  digital cards and specialist packaging, supplemented by personalisation, packaging and fulfilment services, with turnover of £15m.

DATE

March 2023​

SITUATION

• A private equity investor carved-out Incodia from a listed conglomerate and transformed the business into a standalone entity.

• After a transformation program completed in its five-year ownership of the business, the private equity investor then wanted to realise a return for investors.

• Incodia had £4m of debt facilities.

A&M ROLE AND OUTCOME

• In December 2022, the investor engaged A&M to commence a focussed M&A process. The opportunity was marketed strategically to six parties. 

• Woodberry Capital had an existing investment in the space and were identified the preferred bidder following offers. 

• The transaction completed via sale of Incodia’s equity interest.