-
Venture Structured Finance allows printers MBO to press ahead
Venture Structured Finance, a division of Venture Finance has provided printer Bell & Bain with £3m fundingto allow the company to complete a Management Buy-Out (MBO). The finance package comprised a Receivables Financefacility, with further funding against Property and Plant & Machinery. The facility also included the Government-backed Enterprise Finance Guarantee (EFG) loan, giving the management team the required headroom needed to complete the deal.
Established in 1831, Bell & Bain specialises in the printing and binding of business, educational, financial, medical, scientific and religious books and includes some of the leading publishing houses in the world in its customer base. The company has a staff of over 80 and its turnover in its last financial year was almost £8m.
Venture Structured Finance was introduced by Stewart MacDonald, Corporate Finance partner at Scott-Moncrieff, an independent firm of chartered accountants. Having been declined funding from traditional high street banks, Stewart recommended Venture. The premier independent Asset Based Lender was quick to implement the funding package that enabled Bell & Bain's management team to buy the company from its previous owners Prime Active Capital plc (PAC).
Ian Walker, Bell & Bain Managing Director comments: "Given the economic climate, it was a protracted task to raise the funds for the MBO and we are indebted to Venture and Scott-Moncrieff for their support, prior to and throughout the transitional period. The ABL package has allowed us to plan ahead and emerge from the often difficult post-deal period in a position of strength."
Patrick Wilkins, Regional Director, Venture Structured Finance comments: "When funding an MBO deal, many management teams are now opting for a combination facility that includes an element of ABL to create a reliable quantum of senior debt, and that was indeed the case with Bell & Bain. It is always very satisfying to support a business with such heritage and ambition. This deal clearly demonstrates that funding is very much available for solid propositions and Venture looks forward to working with Ian and the Bell & Bain team for many years to come."
< back
