Management complete MBO of Yorkshire tanker business
THE management team at a Yorkshire-based tanker business which has a fleet of more than 70 vehicles, has completed a buyout of the business backed by Royal Bank of Scotland.
The management buyout (MBO) of Goole-based Lewis Tankers has seen Stewart MacDonald, David Brown and Andrew Nicholson take 100% of the shares in the business by acquiring it from Simon Storage.
Lewis Tankers, which serves customers in the oil and chemical sectors, was established in the 1970s by the Lewis family and was acquired by Simon Storage in 2001.
Picture shows (L to R): David Brown (Lewis Tankers), Rob Burton (Mazars), Stewart MacDonald (Lewis), Andy Storr (Nat West Bank), Jonathan Plaxton (Lombard) and Mark Heyes (RBS Invoice Finance).
It operates a fleet of more than 70 tankers from its main depot at Hensall, near Goole and has bases at Grangemouth, North Shields, Teesside, Cadishead, Stalybridge, Ellesmere Port and Kingsbury.
Mr MacDonald spoke to Royal Bank of Scotland about the finance needed to support the MBO and agreed a package which included funding from RBS Invoice Finance and Lombard against the assets of the company.
Mr MacDonald, managing director of Lewis Tankers, said: “I am delighted to have been given the opportunity to lead the MBO of Lewis Tankers from Simon Storage. My colleagues and I are determined to take the company forward and are excited by the challenge ahead. We are also very pleased we have been able to sustain our strong working relationship with Simon Storage.”
Lead advisors to the MBO team were Oliver Hoffman and Rob Burton of Mazars, with Bob Harrap at Lupton Fawcett Solicitors providing legal advice to the MBO team and Christian Hunt, Clarion Solicitors advising the bank.
Mark Heyes, associate director at RBS Invoice Finance, added: “We have been working with Stewart and his advisors for over a year and are delighted that this deal has been concluded to the satisfaction of all parties involved.
“This is a great opportunity for Stewart and the team and we are happy to support them in taking on Lewis Tankers which is an established and highly-respected operator in this sector. We wish them all the best as they drive the business to the next level.”
