Maplin is under new ownership for the first time in a decade after the electronics chain was sold to a private equity firm for £85 million.
Rutland Partners, whose other investments include Pizza Hut UK and Bernard Matthews, said it would look to build on Maplin's recent improved trading performance after sealing the acquisition from Montagu Private Equity.
Founded in 1972 as a small mail order business, South Yorkshire-based Maplin now has 210 stores in the UK and Ireland and generates revenues of £220 million, up from £100 million when Montagu bought the business in 2004.
After a challenging few years, a new management team put in place in 2012 and led by John Cleland has refreshed stores, invested in a new web platform and refocused the business on innovation and 'first in, last out' product ranges.
Maplin has also been repositioned as a source of expertise for those who want to use electronics but need greater technical help and advice.
Outgoing chairman John Lovering said: "The team Montagu recruited, led by John Cleland, has done an excellent job.
"Personally, I think Maplin is on the threshold of a great period in its history. It is now time for a new shareholder to take the business forward, building on the strong foundations laid."
Current trading is said to be strong, with underlying earnings back in growth and like-for-like sales showing high single digit growth.
Rutland focuses on businesses headquartered in the UK worth between £20 million and £150 million. It also owns equipment hire firm Brandon Hire.
Managing partner Nick Morrill said: "We are delighted to be able to invest in Maplin and recognise the great progress made by management so far in the recovery of the business but more importantly the potential still to be unlocked."
Montagu bought Maplin in September 2004 from previous buyout firm Graphite Capital and management.
Montagu's past investments include hair products business ghd and Quorn. It is believed to have previously tried to sell Maplin in 2011 but pulled out after talks with prospective buyers failed over price.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article