22 corporate finance
NVM Private Equity invests £3.5 million in Haystack Dryers
Reading-based NVM Private Equity has invested £3.5 million in Haystack Dryers, a designer and manufacturer of purpose-built people dryers for theme parks, water parks, swimming pools and spas worldwide. Part of the funding has been invested as development capital to take advantage of the rapid growth of theme parks in the Far East and also to support expansion into new sectors
is installed at a customer venue. This business model has achieved significant growth in recent years, with a significant proportion of the revenue being long-term in nature and very predictable.
Haystacks Dryers’ core product is the Cyclone Dryer, designed to dry up to five people at one time. This is currently supplied to high- profile customers worldwide such as SeaWorld Group, Universal Studios and Legoland. The company now operates dryers across 16 countries.
Thomas said: “The theme park market continues to expand rapidly, especially in Asia where there is substantial investment in new theme parks. We are also seeing an increase in the number of theme park attendees globally, so there is growth across the sector in which we are a global leader. With the new funding and ongoing support from NVM we will be able to take advantage of the theme park boom and also expand this versatile product into new sectors.“
David Rolfe, investment director of NVM Private Equity, commented: “Paul is both entrepreneurial and ambitious and has shown his ability to transform a UK invention into a global success. Paul is hugely enthusiastic about the opportunities that lie ahead in a number of different sectors and we are delighted to be able to work alongside him to develop the business further.“
Paul Thomas of Haystack Dryers and David Rolfe of NVM
Dorset-based Haystack Dryers was founded in 2000, selling innovative people dryers to swimming pools and leisure centres within the UK. Paul Thomas became managing
director of the business in 2006 and used his 15 years’ experience to transform the business into the world’s leading provider of award- winning people dryer products into the theme park sector.
Haystack Dryers generates the majority of its income through a ’revenue share scheme’ whereby Haystack retains ownership of the dryer and receives a proportion of the income generated once it
Details: NVM Private Equity David Rolfe 0118-9517013
david.rolfe@
nvm.co.uk www.nvm.co.uk @nvmpeltd
Funding: NVM Private Equity David Rolfe
Corporate finance
advisers: BDO LLP, Southampton Paul Russell Helen O’Kane Michelle Trench
Financial due diligence: PwC LLP, Reading Jason Wakelam Jane Mulholland Alex Pascoe Helen Adams
Management’s lawyers: Moore Blatch, Southampton Peter Jeffery Anna West
www.businessmag.co.uk
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – DECEMBER 12/JANUARY 13
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