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April 2005

Primary Capital and The Works

Primary Capital and The Works
£50m
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Primary Capital and The Works

Advisor to Primary Capital on the disposal of The Works to Hermes Private Equity
Consumer and Retail M&A Advisory Financial Sponsors

Hermes Private Equity has backed the secondary MBO of The Works, the leading retailer of value books and artist materials in the UK in a £50mlion transaction. The business has been acquired from funds advised by Primary Capital Limited, who backed the original MBO in 2003. The executive management team led by Chris Maddox, Managing Director, continue in their existing roles. Canaccord Genuity advised Primary on the sale.

Canaccord Genuity acted for The Works' shareholders (Primary Capital and management).