Family buys back business it set up 55 years ago
A multimillion-pound turnover steel tube supplier in Greater Manchester has undergone a successful management buyout.
The family which founded Boole’s Tools and Pipe Fittings have bought it back from a listed builders’ merchant.
Cole Associates Corporate Finance advised the MBO team, raising debt facilities from HSBC Corporate Banking.
Boole’s Tools and Pipe Fittings was founded in 1961 by Ron Boole and his father Cyril.
It supplies tubes, valves, fittings and allied pipeline products to a wide variety of merchants.
In 2003, the business was acquired by Grafton Group plc.
However, it has now been taken over by managing director Terry Seville and his wife Tracy, Ron’s daughter. The MBO was completed at the end of last month.
Boole’s has continued to trade profitably on reported turnover of more than £12.5m.
Tony Seville believes that the Boole’s business has every reason to feel confident about the future.
He said: “Now is the right time for the MBO, and being independent will allow us both to maintain our strong trading relationship with Grafton and generate new opportunities with other national and independent merchants.”
The MBO was funded by debt facilities arranged by John Gibson at HSBC Corporate Banking.
Jeremy Cole and David Middleton at Cole Associates provided corporate finance advice and Dave Matkin provided debt advisory support.
Ian Riggs and Katie Somerville at Hill Dickinson provided legal advice to the MBO team. Martin O’Shea at Addleshaw Goddard provided legal advice to HSBC.