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Kester Capital sells Garrets International

Overview

Travers Smith LLP has advised longstanding client Kester Capital LLP ("Kester") and other selling shareholders on the sale of Garrets International ("Garrets") to Wrist Ship Supply, the world's leading ship and offshore supplier.

Garrets is a market leader in outsourced marine catering management for the commercial shipping industry, managing approximately 1000 vessels on behalf of some of the largest names in world shipping.

Kester led the primary buy-out of Garrets in early 2012, providing an exit for the founders who also remained minority investors. The sale represents the fifth exit from Kester’s first fund, and generated a 3.0x money multiple and a 36% IRR.

The Travers Smith team was led by head of Private Equity, Paul Dolman, and corporate associates Gemma Phillips and Genevieve Marten. The team also included head of Tax, Kathleen Russ, and Tax associates Silvana Van der Velde and Joseph Sheldrick.

Kester was also advised on the transaction by Stephens Europe.