Vespa Capital backs Milliken MBO
Vespa Capital has supported the management buyout of Milliken Woollen Speciality Products, which has been renamed WSP Textiles.
- Published 1 November 2011 in Mid Market.
Vespa Capital has supported the management buyout of Milliken Woollen Speciality Products, which has been renamed WSP Textiles.
WSP is an acronym formed from the founding owners of the mill: Winterbotham, Strachan and Playne. The company has been producing cloth since the 16th century. Today the Strachan brand operates in the snooker market, while Playne’s tennis ball cloth is used by Dunlop. WSP returns to British ownership after it was acquired by US group Milliken & Company 20 years ago.
The deal was led by chief executive David Smith, sales director Duncan Kettell and manufacturing director Malcolm Fallows. Michael Henderson, a former director of the textile conglomerate Coats Viyella, has joined the company as non-executive chairman.
All 160 of the employees at the group will keep their jobs, said chief executive David Smith.