Wed, 19 Aug 2015 | MBO/MBI
The Parkside Group, one of the largest privately-owned aluminium architectural systems distributors in the UK, has completed its management buyout (MBO) proceedings.
Backing from RBS Invoice Finance helped the company's management team to take control after the firm's founder and previous owner, Derek Cook, retired.
Peter Dziurzynski, managing director with the firm, commented: “We are so pleased that the MBO has been successful. We have worked alongside the company's previous owner for many years, helping to drive forward its development and continue its growth.
“We do not plan to make any major changes to the company but to focus on its expansion and delivering a high quality service to our customers.”
The Parkside Group was founded in 1967 and is based in Surrey. It operates under the trading names Comar, Alu-Timber, Duco and Axim and supplies the UK installer and manufacturing markets.
The deal has been financed by working capital from RBS Invoice Finance in the form of an Asset Based Lending facility.
The latest accounts submitted to Companies House for the year to 31 December 2014 for The Parkside Group reported cash in the bank of £3,177,214, liabilities worth £2,967,597 and a net worth of £9,247,478.
You can read more about acquisition funding options here.
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