Yorkshire advisors called up for Leengate Valves MBO
ADVISORS and funders from across Yorkshire have joined forces to deliver a high profile management buy-out.
Leengate Valves, one of the UK’s leading wholesalers of industrial valves, has been acquired by its management team from Linde AG, the German listed industrial gases and engineering group.
With annual turnover approaching £7m, Leengate Valves supplies major re-sellers in the gas, water and industrial sectors.
Based in Alfreton, Derbyshire, the company holds one of the largest ranges of industrial valves in the UK and also provides its customers with specialist actuation and automation engineering services.
Funding for the buy-out was provided by YFM Equity Partners and HSBC with an extended team of the region’s leading dealmakers advising on the deal.
BHP Corporate Finance acted as lead advisor to the Leengate management team on the acquisition and fundraising.
Don Gray, partner, said “I am delighted that we have been able to work with Steve and his team to secure this deal. This is in every way a classic MBO story – a successful business that was deemed non-core by its owners and an ambitious and talented management team that was keen to take it independent.”
Legal advisors to the Leengate management team were Paul Trudgill and Sarah Riley of hlw Keeble Hawson.
YFM Equity Partners’ investment was led by Mary Broadhead, while HSBC’s South Yorkshire commercial and invoice finance teams provided acquisition finance and working capital facilities.
Completing the roll call of local advisors were Paul King of Hill Dickinson and Dean Gormley of Irwin Mitchell who provided legal advice to YFM and HSBC respectively.
Andy Ryder of BDO’s Sheffield office led the team that provided financial due diligence.
Leengate managing director Steve Pickering said: “Having helped found Leengate Valves some 20 years ago, I am very proud that my team and I now have the opportunity to own the business we know so well. Having completed the buy-out we are now all looking forward to continuing to work closely with our suppliers and customers and building on our success.”
The image shows: Don Gray, partner, BHP Corporate Finance, Ian Walker, business development manager, HSBC Invoice Finance, Leigh Pickering, commercial director, Leengate Valves, Mick Loseby, sales director, Leengate Valves, Steve Pickering, managing director, Leengate Valves, Mary Broadhead, investment director, YFM, Kevin Davies, assistant director, BHP Corporate Finance, Paul Trudgill, partner, hlw Keeble Hawson, Chris Alsop, senior commercial manager, HSBC.
