Garrets International Ltd
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Garrets International Ltd - overview
Established
1991
Location
Romford, Essex, UK
Primary Industry
Business Support Services
About
Garrets International Ltd provides essential maritime catering services and supplies, focusing on enhancing crew welfare aboard vessels through effective budgeting, procurement, and support services. Garrets International Ltd, founded in 1991 and headquartered in Romford, UK, specializes in maritime catering services. The company was acquired by Wrist Ship Supply in January 2016, but specific details regarding the acquisition were not disclosed. Niels Snog is the current CEO, overseeing the company's operations.
Garrets International specializes in providing comprehensive maritime catering services and supplies designed to bolster the quality of life for crew members aboard vessels. Their core offerings encompass budget management, direct ordering from a global network of accredited suppliers, and dedicated vessel support. The services aim to ensure crews have access to high-quality food provisions and essential consumables, addressing challenges in crew welfare, health, and operational efficiency. The company serves a diverse clientele, including shipowners and operators across Europe, Asia, and the Americas, focusing on responsible sourcing and catering excellence to minimize climate impact while enhancing onboard experiences.
In the most recent fiscal year of 2023, Garrets International reported a revenue of GBP 47,637,739. 90, with an EBITDA of GBP -325,911. Garrets International aims to expand its product offerings and refine its services to better support maritime clients. The company will leverage the GBP 13.
00 mn from its latest funding round to enhance its technological capabilities and broaden its global presence, particularly targeting new markets in Asia and the Americas by 2025. This strategic growth initiative follows the acquisition by Wrist Ship Supply, signifying a commitment to scaling operations and improving service delivery.
Primary Industry
Business Support Services
Sub Industries
Business Support Services, Food & Beverage Distribution
Website
www.garrets.com
Company Stage
Acquired
Total Amount Raised
Subscriber access only
Garrets International Ltd - timeline of key events
Garrets International Ltd - financials
| Fiscal Year Ended | Mar 31, 2009 | Mar 31, 2010 | Mar 31, 2011 | Mar 31, 2012 | Mar 31, 2013 | Mar 31, 2014 | Mar 31, 2015 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (USD) | 17,556,844 | 36,780,282 | 44,340,267 | 54,395,231 | 60,988,000 | 76,629,000 | 76,524,000 | 65,332,000 | 88,135,000 | 91,044,000 | 82,824,000 | 73,704,000 | 65,954,000 | 57,857,000 | - | - | - |
| % Revenue Growth (YoY) | - | 109.5% | 20.6% | 22.7% | 12.1% | 25.6% | (0.1%) | - | - | 3.3% | (9.0%) | (11.0%) | (10.5%) | (12.3%) | - | - | - |
| EBITDA (USD) | 966,393 | 1,570,897 | 2,710,407 | 2,654,386 | 2,710,000 | 2,712,000 | 2,458,000 | 3,682,000 | 4,081,000 | 3,559,000 | 886,000 | 1,584,000 | 1,969,000 | 2,456,000 | - | - | - |
| Operating Income (USD) | 963,470 | 1,426,042 | 2,239,995 | 2,584,305 | 2,609,000 | 2,566,000 | 2,252,000 | 3,540,000 | 3,871,000 | 3,408,000 | 807,000 | 1,355,000 | 1,748,000 | 2,250,000 | - | - | - |
| Operating Margin | 5.5% | 3.9% | 5.1% | 4.8% | 4.3% | 3.3% | 2.9% | 5.4% | 4.4% | 3.7% | 1.0% | 1.8% | 2.7% | 3.9% | - | - | - |
| % EBITDA Margin | 5.5% | 4.3% | 6.1% | 4.9% | 4.4% | 3.5% | 3.2% | 5.6% | 4.6% | 3.9% | 1.1% | 2.1% | 3.0% | 4.2% | - | - | - |
| NET Income (USD) | 806,682 | 1,037,948 | 1,467,973 | 1,883,158 | 2,120,000 | 1,926,000 | 1,863,000 | 2,734,000 | 2,415,000 | 2,897,000 | 691,000 | 1,221,000 | 1,575,000 | 1,951,000 | - | - | - |
| % Net Margin | 4.6% | 2.8% | 3.3% | 3.5% | 3.5% | 2.5% | 2.4% | 4.2% | 2.7% | 3.2% | 0.8% | 1.7% | 2.4% | 3.4% | - | - | - |
Garrets International Ltd - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Trade Sale | Completed | Garrets International Ltd | - | ||||||||
| Buyout | Completed | Garrets International Ltd | - |
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Garrets International Ltd - employee data
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