New private equity money from Palatine has been raised to drive forward ZyroFisher’s next stage of growth.
Joining LDC, the private equity group that backed the buyout of Fisher Outdoor Leisure, Palatine’s investment will drive the business toward a goal laid out by CEO Matthew Barker earlier in 2017 to steer the business toward a £100 million annual turnover.
Already north of £75 million in sales, the investment cash has thus far enabled the business to integrate the Zyro and Fisher into one company, streamline and improve digital efficiency, bolster logistics, strengthen its senior team and plenty more.
ZyroFisher supplies over 2,000 UK independent stores, as well as multiples including Evans, Wiggle and Halfords.
Matthew Barker, ZyroFisher’s CEO, said: “This is an exciting development for the business, our retail customers, our brand partners and our team. Bringing on board additional investment now means we can accelerate our expansion pan and have an even stronger platform for future growth.
“LDC’s financial, strategic and operational support over the 18 months has been invaluable in the successful integration of Zyro and Fisher, allowing us to capitalise on the combined strengths of the businesses and invest for the long-term growth. Having such a supportive partner on board during the next phase of our journey alongside Palatine gives us the confidence to scale up our plans.”
Palatine Private Equity’s team was led by partners Ed Fazakerley and Andy Lees, along with investment director Kieran Lawton and investment manager James Painter. Both Fazakerley and Lawton will join the board as non-executive directors.
John Garner, head of LDC in Yorkshire added: We’re excited to be continuing our support for the business and helping the team fulfil its ambitions. Since we backed the business in 2016, ZyroFisher has significantly outperformed its business plan. Bringing on board additional investment enables us to bring forward plans to capitalise on its growth opportunities. The deal is another example of our appetite to support companies over the long-term with the right funding structure to help them fulfil their potential.”