Appoints global advisory group Jefferies to conduct process
Welsh super-indie group Tinpolis Group has appointed a broker to explore selling the business.
The company, which owns labels including Mentorn, Sunset + Vine and Firecracker, plus Magical Elves and A Smith & Co in the US, has appointed global advisory group Jefferies to investigate its options.
The process is understood to be at an early stage and was originally reported by TBI.
Tinopolis has had different ownership structures over the years. It was previously owned by private equity firm Vitruvian Partners and in 2014, appointed About Corporate Finance to try to affect a sale.
But it ended that process the following year when “none of the suitors could give us what we needed”.
It then issued another sales memorandum in 2017, before its management bought back a 50% share of the business from Vitruvian that same year.
The planned sale follows a controversial financial restructure in April 2021 as a as result of the Coronavirus crisis.
The company agreed fresh terms with its lenders and passed control of the business to a new company run by its existing management. But the restructure meant that producers that had sold their companies into Tinopolis missed out on combined payments of up to £50m due to a closure of a non-trading company holding loan notes.
The company issued a statement: “Encouraged by the pace of our recovery and armed with a strong pipeline of projects and new contracts, we have engaged professional advisers to explore with us the range of strategic options available to maximise the group’s potential.”
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