Devon Professionals Advise on Acquisition of South West Shopfitters
Introduction
A Plymouth-based bespoke design and manufacturing company has been sold by its husband and wife co-founders.
4 Ward Focus Limited has acquired South West Shopfitters Limited from the existing owners, Colin and Rose-Marie Kalas for an undisclosed sum.
The Estover business, which employs 25 people, is a market leader in bespoke design and build for the retail, catering, leisure, business and media sectors throughout the South West.
The company's new owners are Mike Blackledge and Valerie Babington. Mr Blackledge becomes Managing Director of the company while Ms Babington takes the position of Commercial Director. Mr Kalas will remain as a consultant to the business.
Andy Hawkes, Director of Corporate Finance at accountants and business advisers Bishop Fleming, and Andrew Betteridge and Stuart Mathews, of law firm Ashfords, advised Mr Blackledge and Ms Babington during the deal while the vendors were advised by Plymouth-based accountants Paul Whitby & Co and law firm Foot Anstey. HSBC provided funding for the transaction.
Mr Blackledge said "South West Shopfitters is a well known bespoke joinery business with a reputation built over 13 years for providing the best design, manufacture and installation service in the area. The business has great potential to capitalise on the increasing inward investment and development in the South West. We already have an enviable depth of skills and knowledge within the company, and with the continued support of our carefully selected team of professionals we plan to strengthen the management of the business in readiness for growth".
Mr Hawkes said: "We were brought in to provide lead corporate finance advice to the purchasers during acquisition negotiations and support in the approach to banks for funding. We were actively involved throughout the process. This deal is another example of the continuing trend for management buy-in opportunities in the South West.
"We look forward to working with the new owners as they take the business forward and build on the Company's excellent reputation in its market".
Mr Betteridge added "The South West is full of successful small businesses directly involved or supporting the catering, leisure and media sectors. This acquisition is a yet another example of this sector strength.
I was delighted to lead the Ashfords specialist team of corporate advisers on this deal. We have corporate specialists in both our Plymouth and Exeter offices and draw upon specialists in other departments to work seamlessly to advise on company activity of this type".
HSBC's Philip Hockin said "We were delighted to receive the instruction from the MBI team to assist in the funding of the purchase of this business. HSBC continues to build our presence and appetite in the leveraged finance market with the goal of becoming the leading provider of corporate finance in the South West. We look forward to working with the new management team and wish them every success for the future".
|
