Cattaneo leads the way in a Mangar MBO
BIRMINGHAM-based corporate finance firm, Cattaneo, has successfully led a team of city advisers on the management buy-out of disability aids supplier Mangar International.
Welsh firm Mangar is a world leader in inflatable moving and handling and bathing equipment for the elderly and disabled. Mangar’s products help people retain their independence and dignity for as long as possible as well as reducing the strain and injury risk for carers.
The Birmingham team working on the deal included advisors from: Eversheds, Baker Tilly and Parisi Tax. YFM provided equity finance with Yorkshire Bank supplying loan facilities and working capital to Mangar’s management team.
The value of the deal has not been disclosed but Mangar reported an operating profit of £1.5m in the year ended July 31, 2013.
The Cattaneo team of Charles Cattaneo, Gary Hyem and Martyn Pilley negotiated the deal with the vendors, structured the finance package and provided financial advice to the Mangar International management team. Cattaneo is also investing in the deal alongside the management team.
The Eversheds team included Steve Hacking and Jamie Smith while Alison Johnson at Osborne Clarke and Andrew Madden at Gateley provided legal advice to YFM and Yorkshire Bank respectively. In addition Mark Pownall and Paul Johnson at Baker Tilly provided financial due diligence for YFM, while Lisa Stevenson of ParisiTax provided tax advice to the management team.
Mangar employs 56 people at its headquarters in Presteigne and it also has a sales office in Stockport. Turnover last year was £6.3m.
The acquisition finance team at Yorkshire Bank in the Midlands was led by directors Ian Howey and Ian Mansell.
Howey, Business Development Director at Yorkshire Bank added: “Mangar International is an example of a great family owned business that is ready for its next stage of growth with a strong partner and investor, YFM Equity Partners. We are delighted to support this deal and look forward to helping the business achieve its full growth potential and drive economic growth in the UK.”
