£4m facility opens doors for Yorkshire manufacturer
Bibby Financial Services (BFS) has provided a £4m Invoice Discounting Facility to Modular Group Investments to support its acquisition of Euramax Solutions Ltd, a South Yorkshire window and door manufacturer.
Servicing both commercial and residential businesses in the UK and Ireland, Euramax specialises in PVCu windows and covers developments of all sizes across a number of sectors.
These include modular constructor, DIY and home improvement, and the holiday home and leisure markets.
The business runs all of its operations from a facility in Barnsley, where it employs 160 members of staff.
BFS worked with Modular Group to help support its acquisition of Euramax.
The investment group saw Euramax as a strategic acquisition as it continues to expand its portfolio within the Modular Building Space.
Modular Group was introduced to BFS by Neil Sharp of TML Finance and Advisory, who helped broker and structure a deal that enabled a smooth acquisition.
The funding facility freed up the necessary working capital for the deal and has ensured Modular Group is well placed to oversee the continued growth of Euramax.
Michael Garratt, founder and CEO at Modular Group Investments, said: “We look to invest in high-quality, progressive businesses with a clear roadmap for growth.
“Euramax ticks all of these boxes and is exactly the type of business we want to work with as we expand our footprint in the Modular Manufacturing space.
“BFS has been an excellent partner in supporting the acquisition. Chris and the team took the time to understand the intricacies of the deal and were subsequently able to help raise the necessary funds in to facilitate the acquisition.”
Chris Farnworth, regional head of corporate at Bibby Financial Services, added: “BFS is always looking to work with ambitious, innovative partners who, like us, seek to help UK SMEs grow and thrive.
“By working with Michael and TML Finance, we were able to help Modular Group unlock the necessary cashflow to fund the acquisition in the most efficient manner possible.
“The future of Euramax is in very safe hands and we’re very happy to be working with Modular Group to help them realise their ambitions in the sector.”
