Close Brothers Private Equity ("CBPE") has led the financing for the purchase of Hillarys Blinds Holdings Limited ("Hillarys") by its management team and Buy-in candidate, Mike Snapes.

The business has annual sales of approximately £60m and is the UK's No. 1 manufacturer and supplier of made-to-measure window blinds, despatching over 20,000 blinds each week. Hillarys is being sold by Tony Hillary, who founded the company in 1971, and his partner Bill Ritzema.

Hillarys has manufacturing operations in Nottingham, where the Head Office is located, and Washington, Tyne & Wear, employing almost 1,000 people across the two sites.

Hillarys' unique differentiator is its "at your home" service. Trained agents follow up customer enquiries, measure the windows and return within 2-3 weeks to fit the made to measure product. It is the only company in the market, with national coverage, which operates in this way. There is also a chain of 18 retail shops in key locations, supporting the brand.

Mike Snapes, who is Chairman of European Golf Brands, another CBPE investment, will join the team as Executive Chairman. He is supported by the senior team at Hillarys who, as a result of the MBO, will also become shareholders in the business, which will be, renamed The Hillarys Group.

Snapes commented:
"I was delighted when CBPE asked me to become involved with Hillarys. I had prior knowledge of the business and its strong reputation. Tony Hillary and Bill Ritzema have done an excellent job in building the group and surrounding themselves with a very competent team of managers. We think the business is well-positioned to continue its strong sales growth."

Simon Wildig, partner of CBPE who will join the board of The Hillarys Group added:
"Hillary's service offering and commitment to quality is second to none, which has resulted in its market-leading position. The MBO team, combined with Mike Snapes as Chairman, make an ideal team to take the business to its next stage of development. We're looking forward to further growth."