Mitchell Charlesworth's recently
launched Corporate Finance arm, MC Vanguard, has helped Lancashire
manufacturer GB Controls secure a Management Buy-in.
Photo: Parties involved in GB Controls Management
Buy-In:
Back L to R: Lorna Bennett
(Partner, SAS Daniels), Rob Davies (Partner, Mitchell
Charlesworth), Peter Wootten (GB Controls)
Front L to R: Ian Bateson (Santander
Corporate Bank), Bob Gore (Partner, Mitchell
Charlesworth), James Hibbert (GB Controls)
GB Controls is a leading designer, manufacturer and distributor
of control panels for the refrigeration industry. It has been
acquired by Cheshire based entrepreneurs James Hibbert and Peter
Wootten for an undisclosed sum.
The deal was advised by Mitchell Charlesworth's corporate
finance arm MC Vanguard and law firm SAS Daniels LLP.
Mr Wootten, an accountant from Wilmslow, said: "We are delighted
to have completed the deal. GB Controls is renowned for its
quality, service and technical excellence. The firm has a strong
core client base due to this excellent reputation and a
long-standing dedicated workforce. Our aim is to build on this
using our knowledge and expertise with an expanded network of
contacts."
Mr Hibbert, a chartered engineer from Romiley, said: "GB
Controls prides itself on delivering high quality solutions with a
quick turnaround. We believe the business has great potential for
growth and employment by the strategic expansion of the firm's
expertise within existing and new target markets."
GB Controls specialises in the manufacture of energy saving
control equipment used for refrigeration and other industrial and
commercial applications. It has been operating for more than 25
years and has a current turnover of circa £1m.
Mitchell Charlesworth's Corporate Finance Partner Bob Gore
worked alongside Santander Corporate Bank to create a package to
fund the deal. He said: "This is a good business with significant
opportunities for profitable growth and ideal for a Management Buy
In. Both parties worked well together which was a significant
factor in enabling us to put the deal in place." Ian Bateson,
Director of Business Development from Santander Corporate Bank
said: "Santander Corporate Bank are delighted to have worked in
partnership with Peter and James in supporting their exciting
acquisition and wish them every continued success."
SAS Daniels Corporate Law Partner Lorna Bennett led the team
which advised the MBI purchaser GB Technology Limited on the
corporate, real estate and employment aspects of the deal. She
said: "We were pleased to be able to assist James and Peter with
this significant step in the history of GB Controls and I am
confident of their abilities in developing growth".
The firm has been sold by Alf Black and Jack Glasgow who set up
the business in the 1980s. Mr Glasgow said: "We are extremely proud
of the reputation we have built at GB Controls. The firm has grown
steadily in recent years and we are very happy with the result of
the sale. We have total confidence that the future of the business
is in very safe hands."
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