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The founder of Character World, a maker and distributor of branded textiles such as duvet sets, owes much to investment from private equity groups.

Textile buyer Tommy Schweiger and his son Danny started the company in a bedroom in Wilmslow in 1998.

Mr Schweiger spotted an opportunity to supply shops with popular characters. “We approached a licensing company about Spider-Man and ended up with Star Wars, just as the prequel trilogy was coming out,” he said.

Almost a decade later, the company had secured the rights for Bob the Builder, Thomas the Tank Engine, Peppa Pig and the Disney portfolio. Danny’s brother Mark joined as finance director and a US trade buyer approached them.

“Dad was 70 and looking to do other things and we decided to look at private equity,” Mark said.

Adviser Dow Schofield Watts offered the company around and there were several interested parties. “We had six or seven potential investors and we went with RJD Partners because of personalities.”

Private equity shows its characters

By Andrew Bounds
Published: February 8 2010 02:20 | Last updated: February 8 2010 02:20
Buy-out brothers: Danny, left, and Mark Schweiger of Character World



London-based RJD finalised the £20m ($31m) deal in April 2008, with the brothers buying out their father. “We have benefited from their expertise and professionalism, improving control systems and efficiency,” said Mark.

The private equity input also helped attract an experienced chairman in Michael Hancox, former chief executive of Otto UK, which owns the Grattan and Freeman catalogue brands.

The company has split into three divisions. The first handles children’s products, a second is working with fashion brands such as Bench, popular with teenagers and adults, and a third does sport, including football clubs like Arsenal and Manchester United.

Last year Character World opened a 7,500 sq ft showroom in Wilmslow. Turnover is £20m and Danny Schweiger said the recession had knocked it off the ambitious course set by the brothers and RJD.

“There is a very challenging business plan as we did not know the world was going to change so fast. But we have increased profits 10 per cent and RJD understands the economic situation,” said Danny.

 
 
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