Christchurch: Deloitte advises on sale of Kondor to HIG Capital

Kondor, a leading specialist provider of mobile and other consumer electronics accessories, has been sold to HIG Capital (HIG) and the management team.

HIG has acquired a majority interest in the business, in a deal supported by the Prudential Investment Company of America and The Royal Bank of Scotland plc.

Deloitte advised the shareholders of Kondor, which is headquartered in Christchurch, on the sale of the business.

Malcolm Bartlett, the founder and majority shareholder, set up Kondor in 1994 and has overseen its development through to this transaction.

Kondor combines an extensive portfolio of mobile and other consumer electronics accessory products including its own brands, customers’ brands, and third-party products. It has a comprehensive distribution strategy for its customers and partners, making it ideally placed to capture extensive domestic and international market opportunities.

In the financial year 2013, Kondor generated revenues of circa £90 million. With the backing of HIG, the business intends to continue its organic business development into new product and geographic markets.

Hugo Mansfield from the advisory team at Deloitte said: “We are delighted to have been able to advise Malcolm and the business through the sale process. Working closely with the management team, we developed an indepth knowledge of Kondor’s commercial operations that enabled us to respond quickly and efficiently to the nuances of the deal process as it evolved.”

Bartlett commented: “Deloitte worked tremendously hard throughout the process and showed commitment and tenacity to get the deal over the line during a complex process.”

CEO Rob Haycock said: “The management team is delighted to be working with HIG to support and develop the business through its next stage of growth. Deloitte went above and beyond when providing critical support to Kondor and the shareholders to enable continued deal momentum during ongoing rapid growth of the business.”

Paul Canning, partner in HIG Capital, added: “This was an especially complex transaction, and we thought that Hugo and the team at Deloitte went the extra mile ahead of what we would normally expect of a sell-side adviser to achieve a successfully-completed transaction.”