"MML have consistently provided the right balance of challenge, support and insight as we have worked in partnership with them to transform Banner."

Glenn Leech, CEO, Banner


Shareholder re-organisation to enable value creation and deliver strategic acquisitions.

The business

Leading independent supplier of school wear in the UK.

The deal

Banner had delivered strong but patient growth historically with an approach suited to its passive family ownership.  However, management saw the opportunity to deliver a step change in scale and profitability via value creation opportunities and strategic acquisitions. MML invested for a majority stake in 2015 helping the family to realise their investment and creating growth headroom for management. We worked side by side with the team helping to establish a retail offering alongside the existing wholesale offering, deliver strategic acquisitions and drive other initiatives across sales and marketing, brand positioning, product evolution, procurement and online.

The exit

MML helped Banner to establish a multi-channel approach across wholesale, retail and online, and broaden its product offering, particularly within sportswear.  These core strategic initiatives were supported by the recruitment of a high quality leadership team, as well as the delivery of two strategic acquisitions and ten bolt-on acquisitions.  Over the course of our investment, Banner more than doubled its revenue and profit having grown its school relationships (>1,100 schools), increased its retail footprint (32 stores) and significantly expanded its online presence (40% of sales).  In 2021 MML exited its investment via a secondary buyout led by CBPE.

Partnership Capital
Deal Status
Business Services

Related news

MML backed BMB extends offering with SWI acquisition
BMB, one of the UK’s leading independent suppliers of schoolwear and sportswear has acquired SWI Schoolwear.
BMB expands its sportswear offering with Orion acquisition
MML Capital Partners (“MML”) backed BMB (www.bluemaxbanner.co.uk), has acquired Orion Teamwear (www.orionteamwear.com), a high performance bespoke sportswear business. MML invested into BMB, the UK’s leading supplier of school uniforms, in July 2015 to support management’s growth plans. The acquisition of Orion enhances BMB’s sportswear offering, which now includes bespoke ‘Teamwear Kit Design’, state of the art ‘sublimation printing’ in addition to traditional cut and sewn stock supported sportswear product.
MML supports management in the buyout of Blue Max Banner
MML Capital Partners (“MML”) has invested into Blue Max Banner, the UK’s leading supplier of school uniforms. The business was founded in 1987 and has built an excellent reputation across its network of over 2,000 independent UK retailers for quality and service.

Associated deal team

Bal Johal


Luke Jones

Managing Partner (Enterprise)

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