Modular buildings maker acquired by industrial investor

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Private industrial investment company HLD Group has acquired Thurston Group, a specialist in modular building solutions for the education, commercial and healthcare sectors.

The deal – designed to ensure the ongoing operation and growth of Wakefield-based Thurston Group – was facilitated by Independent Growth Finance (IGF), through a £16m asset-based lending (ABL) facility that formed part of the total acquisition cost. 

The acquisition is the largest deal in HLD Group’s 10-year history and is an important addition to its portfolio of companies. It also marks an ambitious step in the group’s investment strategy.

Demis Ohandjanian, CEO of HLD Group, said:“We’re very pleased to be announcing the acquisition of Thurston Group.

“This is a very exciting opportunity that will benefit both entities and result in new growth opportunities for the already profitable Thurston Group.

“We’re also delighted to have the opportunity to work with existing company management, who will remain within the business.

“Our intention is to ensure the continuation of Thurston Group’s strong organic growth, while introducing new revenue opportunities that will result in a substantial upsizing of the business over the next three to five years.

“IGF played an important role in the acquisition of Thurston Group, committing to the funding structure from an early stage and delivering the solution in the timescales required by all parties.

“The facilities have not only supported the acquisition but will enable us to facilitate our future growth plans for the business.”

Thurston Group was founded in 1970 and employs over 250 people across three sites in the east of England.

Paul Edmeades, ABL director, midlands, said: “Thurston Group is a very strong business with a great reputation and excellent growth prospects. IGF is very pleased to have facilitated this acquisition by HLD Group through the provision of a £16m ABL facility.

This is the second significant transaction that IGF has supported HLD Group within recent months and we look forward to furthering our already close relationship, helping them acquire similarly strong, growing businesses.”

Advisors involved in the transaction included Goodman Corporate Finance, BDO, Dains, Addleshaw Goddard and Shoosmiths.