£60m turnover chemicals business makes acquisition
OBG Pharmaceuticals has acquired Richard Baker Harrison, a mineral and chemical supplier based in Staffordshire, for an undisclosed sum.
Liverpool-based OBG Pharmaceuticals is a privately-owned business whose subsidiaries provide products and services to the pharmaceutical, chemical and industrial additives industries within the UK and across multiple international territories.
The £60m-turnover business, which employs 367 staff, has been supported by HSBC with a £27.3m refinance and acquisition funding package to do the deal.
It said the acquisition of £10m-turnover Richard Baker Harrison, which employs 25 staff, would allow it to pursue its ambitious growth plans over the next three years.
The deal was led by relationship director Mark Rowan, who operates from HSBC’s Liverpool Corporate Centre.
Tony Fulton, HSBC’s head of corporate banking in Liverpool and Cheshire, said: “This significant funding package provides OBG’s management team with the financial foundations they need to realise their strategic growth plans.
“OBG is an ambitious business led by an experienced team and we really are looking forward to seeing the business continue its rapid growth.”
Philip Didlick, group finance director for OBG Pharmaceuticals, said: “Our philosophy is to unlock potential and profit through enabling entrepreneurial spirit in science-led markets.
“Our new partnership with HSBC provides us with the backing and confidence to move quickly to acquire similarly minded-businesses to help us achieve our growth plans.”
HSBC was advised by Addleshaw Goddard and OBG was advised by Hill Dickinson and Mischon de Reya.