Adel Professional looks good with secondary buyout
ADEL Professional, one of the leading supplier to the UK’s hair and beauty market, has undergone a secondary buy out which sees Derek Kemp take full control of the company for an undisclosed sum.
Managing director Roger Tyler will continue to work closely with the Sheffield-headquartered business as a consultant despite stepping down from his executive role following the deal.
A senior debt facility was provided by Bank of Scotland Commercial Banking in Sheffield to facilitate the transaction.
Looking good: (left to right): Eddie McDermott (Adel Professional), Andy Cocker (Lloyds TSB), Kevin Davies (BHP Corporate Finance), Bethany Rees (Adel Professional), Derek Kemp (Adel Professional).
Adel Professional has nine branches across Yorkshire, the Humber and Derbyshire.
The company was the subject of a buy-in management buyout (BIMBO) by Mr Kemp and Mr Tyler in 2007.
Recent company growth has been driven by continued investment in both existing and new sites, an increased range of leading edge hair and beauty products and the development of its on-line offering and internal processes.
Eddie McDermott becomes managing director following the deal.
BHP Corporate Finance provided financial and taxation advice to the company. BHP’s Kevin Davies said: “We have worked closely with the company in its development since advising Derek and Roger on the original BIMBO in 2007, and have been delighted to assist in this latest transaction.
“The company has delivered on every target that was set out in the original strategic plan and as a result has a strong foundation for its future growth – I am confident that the business will continue to forge ahead with the new team in place.”
Bank of Scotland’s funding was led by relationship director Andy Cocker, who said: “This is an excellent management team whom we strongly believe in. The business has continued to grow year on year and the provision of the bank facilities demonstrates our absolute confidence in the management team.”
