Wed, 06 Mar 2019 | MBO/MBI
Heritage Cashmere, a West Yorkshire supplier of high-end cashmere goods to retail spaces across the UK, in particular to international fashion houses and premium brands, has successfully completed an MBO worth £5.5 million.
Based in Halifax and established in 1977, Heritage Cashmere’s MBO was supported by ThinCats – an alternative finance provider. The company itself manages its production in Hong Kong, through a firm called Prodesse.
Andrew Sykes, Heritage Cashmere’s group chief executive, acquired the vast majority of the firms from John Kaye, the founder of the company who will continue as the chairman and shareholder of the business.
Sykes said: "I am grateful to John for his hard work in building up Heritage Cashmere to be the successful company that it is today and for creating the platform for the business to flourish in the future. I am proud and excited to be leading a talented team, who will work closely with our customers and suppliers to build on our success."
BHP Corporate Finance were called in to advise on the deal, with Andy Haigh and Juel Chowdhury assisting as lead advisers.
Haigh said: "We are really pleased to have structured and delivered the transaction for the client. There were a number of unique factors to the business, which meant it wasn't a straight forward funding ask. However, Thincats demonstrated an ability to work with us to accommodate these factors and deliver a highly suitable financing package.”
Director regional business development at Thincats, Ben Kimball, commented: "We are delighted to support such a high calibre management team with a bespoke £2.75 million funding package, tailored to meet this unique business. We wish Andrew and the team every success with the venture and their next stage of growth."
For more news about management buyouts (MBO), click here. For all our business listings, click here.
Excellent window and conservatory business. Superb bolt-on business. Entirely word of mouth business and still growing. No marketing necessary at this turnover. Offers invited.
LEASEHOLD
Established since 1978. High profile web and social media presence. Handover period offered. Offers invited.
Well established cash and carry in North Yorkshire. Established since 2003. This is a retirement sale. Offers invited.
|
15
|
|
Jul
|
Specialist engineering firm forced to appoint administrators | ADMINISTRATION
Rail contracting company Aspin Group Limited has been forced...
|
12
|
|
Jul
|
Irish mobile diagnostics firm snapped up by Blancco Technology Group | BUSINESS SALE
Blancco Technology Group, which provides a range of mobile d...
|
11
|
|
Jul
|
ASL Group completes its third acquisition in 18 months with Reprotec | BUSINESS SALE
Just one week after securing fresh private equity backing, A...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources