Multimillion-pound fundraising supports manufacturer’s MBO
Cameron-Price, a specialist injection moulding and assembly business, has secured a multimillion pound funding boost to support its growth strategy, including a secondary management buyout.
The financing from Yorkshire Bank provides a combination of cash flow loans, a property mortgage and working capital facilities to assist the business as it undertakes fresh expansion.
It has also enabled the company’s finance director Lewis Pepall and operations director Russel Watts to acquire equity in the business, alongside managing director Barry Moor.
Based in Birmingham, Cameron-Price manufactures and delivers products to a range of blue-chip customers. The business has over 50 years of trading history, working across a range of industry sectors throughout the UK and Europe.
Its most recent published accounts, for the year to April 2018, showed a pre-tax profit of £1.2m on revenues of £17.3m.
Moor, who led a management buy-out in 2015, said: “We are very excited about the future, as we have excellent opportunities and a world class manufacturing facility. Being able to bring Lewis and Russel into the ownership of the business will help us to deliver on our plans for growth and diversification over the coming years. We will continue to expand and to grow in new sectors in order to capitalise on the significant opportunities we see ahead.”
The Yorkshire Bank team was led by Ian Fairclough and James Oliver, senior directors in the Midlands team.
Fairclough said: “Since the 2015 MBO the company has traded strongly, generating significant cash flows and paying down much of the previous debt. The business has a fantastic reputation in the UK and across Europe for delivering quality injection moulding solutions.
“Under the leadership of Barry Moor, the company moved up the value chain with impressive growth over the past four years. As the business continues to expand, bringing Lewis and Russ into the ownership was the natural progression. We look forward to being a part of their continued growth.”
Roy Farmer and Rob Wilson of Dains provided corporate finance advice. Tax advice was provided by Adam Longmore and Charlotte Gosling at Dains. Matt Harvey and Mike McMahon provided legal advice to the newco and management teams alongside Lee Clifford at Freeths. Legal advice to Yorkshire Bank was provided by David Doogan at Pinsent Masons.
Farmer added: “The company’s reputation has been built on delivering a consistently high-quality service to all of its customers and with the new funding package now in place this allows the business to further grow and develop its services.”
