Panoramic exits Plumbworld to HIG backed Highbourne Group
Panoramic, the leading equity investor in fast-growing, entrepreneurial companies, today announced that its Panoramic Growth Fund 2 has fully realised its investment in Plumbworld. Plumbworld has rapidly become one of the key players in the bathroom products ecommerce market in the UK, and has been acquired by HIG Capital backed Highbourne Group.
The exit is the third from this fund, and has generated a strong return for investors. Panoramic backed James Hickman and his senior management team in 2018 when Plumbworld was acquired from Grafton Group in a management buyout.
Since then, Plumbworld has grown revenues and profits significantly, providing their customers with an extensive product range providing exceptional value and service. The team now look forward to the next stage of that journey with Highbourne Group.
Panoramic Partner David Wilson said of the exit: “Whilst I will be very sorry to no longer be involved with such a terrific team and business, it was the right time to move on. So much has been achieved in a relatively short period of time, and I wish everyone great success within Highbourne Group”.
James Hickman, CEO at Plumbworld commented: “We have really enjoyed working with David and the team at Panoramic. Their hands-off, but supportive, style was exactly what was needed to allow Plumbworld’s management to focus 100% on improving the business. This has enabled us to grow both sales and profits significantly over the past three years. We will be sorry to lose Panoramic as an investor, but are now looking forward to becoming part of the Highbourne family for the next phase of our journey“.
Panoramic and Plumbworld were advised by Arrowpoint Advisory and CRS on the transaction.
About Plumbworld
Plumbworld is one of the UK’s leading online retail platforms for bathroom, kitchen, plumbing and heating products at affordable prices to consumers and trade customers. Founded in 1999 and headquartered in Evesham, England, Plumbworld has over 160 employees which have served over 1.7m customers since inception. For more information visit: https://www.plumbworld.co.uk