Gresham makes successful exit from Dimensions Holdings Limited

Gresham, the regionally based mid-market private equity firm, today announces that it has made a successful exit from Dimensions Holdings Limited.

The sale to Johnson Service Group Plc was for consideration of up to £27.4 million. Gresham's Birmingham office backed the original management buy-out led by chief executive Simon Hughes in December 2000.

Dimensions supplies corporatewear to a number of the UK's leading retail businesses and has been expanding its offering into the travel, finance, hotels and leisure sectors.

Dimensions' turnover and profit before taxation for the year ended June 2003 was £27.5 million and £1.4 million respectively with net assets at that date of £5.7 million. Turnover and operating profit in the eleven months to May 2004, as derived from the unaudited management accounts, were £25.4 million and £2.5 million respectively.

Simon Inchley, Director of Gresham, who originated the deal, said: "We are delighted at the success of the deal and it vindicates our belief in the strength of Dimensions' management team and their business strategy. It is also confirmation that our regional office network and proprietary deal origination function allows Gresham to source top quality MBOs."

Neil Scragg, Gresham's portfolio director, said: "The portfolio team has worked closely with the management team since the MBO. Our partnership with the management team has supported an ambitious programme of organic growth and has ensured that the business has taken advantage of a historically fragmented market to position itself well for the future."

Simon Hughes, managing director of Dimensions, said: "It has been a great pleasure to have worked with Gresham, both the new deal and portfolio teams. Our partnership has positioned the company well for future growth and I look forward to further opportunities within the corporate wear market under Johnson Service Group."

Stephen Craik of KPMG in Birmingham and Paul Hayward of Gateley Wareing in Birmingham acted for the shareholders.